Urban employment in China experienced a decline in 2022 for the first time in 60 years old, and there it was also abnormal decrease in per capita spending. This has been caused With the strict measures imposed due to the Covid-19 pandemic that ravaged the country economythe second Larger in the world.
the new National office of Statistics data also Show the smallest income growth over Three decades.
Urban jobs in China fell by 8.4 million to 459.31 million, The Guardian reports. first drop Since 1962.
“the decline of urban work force Reflects the harsh economic situation challenge China faced last yearwrote Zhiwei Zhang, President of Pinpoint Asset Management in Note to customers.
He indicated the shrunken size of Chinese employment force, job losses due to the epidemic and slowdown of Rural workers migrate to cities main Reasons for the decline.
chang added This is expected to be temporary drop Now that China has it abandoned draconian zero- COVID policies aimed at sealing out every outbreak.
China was economic growth of just 3% in 2022- one of the weakest levels in almost half a century.
statistics bureau The data showed that per capita spending decreased by 0.2%. in real terms. followed jump of 12.6% in 2021 and marked only the third such decline Since records for This data point started in 1980. Retail Sales also decreased by 0.2%, and second-worst performance Since 1968.
It’s pretty steep, said Xu Tianchen, an economist with the Economist Intelligence Unit drop in Enter growth for The low-income people in China were a key Factor behind Weak spending data.
“Before the pandemic, it was the lowest income group He was one of The fastest growing, but now it has become, significantly, the lowest income groupdown from 10.1% (income growth) to 5.2%.”
Per capita disposable income in China grew just 2.9% in real termsthe second smaller rise Since 1989.
Unadjusted disposable income per capita grew to 36,883 yuan ($5,310). last year, while per capita spending rose to 24,538 yuan.
The rural areas performed better than the urban areas. with disposable income of Rural household growth of 4.2% in real termscomparison with 1.9% growth for urban population.
