Shenzhen keeps cranking out jobs

Shenzhen, a city with 13 million registered residents, has a workforce of 11,681,100, up 3.3% over last year’s total.

A workforce equal to more than 90% of all residents is only possible, of course, because Shenzhen’s actual population is more than 22 million, once migrant workers are added.

Moreover, according to local media, 151,900 jobs were added to the city’s economy this year, which was slightly above its annual target, while the unemployment rate remained steady at 2.22%. Not a single registered household reported being without at least one breadwinner. 

As the Shenzhen Daily so eloquently puts it, “The structure of labor supply and demand is basically reasonable, and the overall employment situation remains stable.”

Employment is only one of the benefits of working in Shenzhen, apparently. Another is the lowered cost of living, as the city this year reduced social insurance premiums: 12.064 billion yuan in total, from January to November. That translates to just over 1,000 yuan per worker.

This measure also benefitted companies, which must match what their workers pay into the social insurance system. And they received unemployment insurance subsidies, too: 1.15 billion yuan worth, distributed among 300,000 enterprises. 

Shenzhen has also increased the funds made available this year to attract entrepreneurs and support “innovative talent”, with around 227 million yuan of guaranteed loans issued, up 555% over last year.

Read more (in Chinese)

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