BEIJING: Some of China's most indebted local governments are on a hiring spree, a move that analysts say could put fragile regional finances under more strain as officials seek to create jobs for a record number of graduates entering the workforce this year. China's huge and rising local government debt, t
BEIJING: Some of China's most indebted local governments are on a hiring spree, a move that analysts say could put fragile regional finances under more strain as officials seek to create jobs for a record number of graduates entering the workforce this year.
"This type of strategy could be partly calculated to keep educated young people within the province, rather than seeing them leave for more developed regions," said Jack Yuan, vice president and senior analyst at Moody's. The overall number of jobs being added across China's 31 provinces, regions and municipalities, is about 190,000, a 16 per cent increase from 2022, financial media outlet Caixin reported.
China needs to create jobs for a record 11.58 million college graduates expected to join the workforce this year, a hard task at a time the jobless rate for those aged 16 to 24 is at 18.1 per cent, hovering near an all-time high.
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