Analysis: Will China’s Downbeat Job Market Pick Up Soon?

The Chinese government has sought to boost domestic demand in recent years, especially household consumption. While some have attributed the country’s sluggish consumption to a weak job market, the official unemployment rate has remained relatively stable over the past few years. This article aims to analyze this issue through data from listed companies.

At the more than 6,000 Chinese mainland companies listed on the mainland or in Hong Kong that disclose employee numbers, headcount growth has slowed significantly since 2022. By the end of 2024, these companies employed more than 38 million people, equivalent to about 8% of urban employment. From 2022 to 2024, these companies increased their employee headcounts by fewer than 2 million.