China’s urban unemployment rate was 4.2% in the first quarter, the official Xinhua News Agency reported, citing Yin Weimin, Minister for Human Resources and Social Security.
That is widely accepted as meaning there was no unemployment. If you take into account people moving from one job to another and those who are, for one reason or another, unable to work the figure of 4% is widely accepted as zero unemployment.
And zero unemployment is followed inevitably by salary increases as companies compete for labor.
Bloomberg Business Net reported the nation’s urban unemployment situation has “basically” recovered to levels posted before the global financial crisis. Xinhua cited Yin as saying China’s employment situation is “generally stable.”