NDRC vows more policy support for young graduates
The country’s top economic planner on Tuesday said while the economy is showing signs of improvement as it emerges from the pandemic, the job market is still under mounting pressure due to domestic and external instabilities. The National Development and Reform Commission (NDRC) announced that 6.78 million new urban jobs were created in the first half of the year, up 240,000 from the previous year, reaching more than half of the annual target.  At a monthly press conference, NDRC official Jin Xiandong said the state planner is coming up with ways to stabilise youth employment, after the jobless rate for the demographic climbed to 21.3 percent in June, a new record as graduates scrambled for limited offers during the job hunting season. "To promote consumption, we must increase the income of urban and rural residents through multiple channels. We will continue to stabilise employment and increase income, implement detailed policies and measures to stabilise employment, and promote the employment of vulnerable groups such as young people," he said.  Jin also pledged to formulate policies to "restore and expand" consumption, noting that consumers' purchasing power and expectations remained weak.  The world's second-largest economy grew at a slower pace in the second quarter, official data showed on Monday. Gross domestic product expanded 6.3 percent in the second quarter from a year earlier, below the forecast for a 7.3-percent growth.  Another NDRC official, Li Hui, said the state planner would communicate with the private sector to learn about their operations and difficulties.  NDRC head Zheng Shanjie has held three meetings with private firms this month in an attempt to improve their confidence that they can support the post-pandemic recovery. (Additional reporting by Reuters)