Beijing is sticking with an economic growth target of around 5.5% this year and plans to create more than 11 million new urban jobs, policy insiders say. However, analysts say that goal will become harder to achieve unless China eases its zero-COVID policy, which it has shown few signs of doing. The new infections have thrown major cities into strict lockdowns and raised questions about the sustainability of its strict zero-COVID policies. Pressure to support jobs is mounting, with the official jobless rate rising to 5.8% in March, a near two-year high. The International Monetary Fund last week cut its 2022 growth forecast for China to 4.4%, citing the risks of widespread COVID-19 lockdowns and disruptions.

Source: MetroXpress April 28, 2022 06:17 UTC