Chinese Premier Li Keqiang said the nation will speed railway construction, especially in central and western regions, adding support for an economy that’s set to expand at the slowest pace in 23 years.
China’s stocks fell after property and retail sales weakened during a weeklong holiday and the government signaled caution toward further easing of monetary policy by holding off on a cut in bank reserve requirements.
Japan’s biggest China fund is focusing on consumer stocks in a bet domestic demand will swell in the world’s most-populous nation, said Yoshinobu Uehara who runs the fund for Sumitomo Mitsui Asset Management Co.
China’s employment situation remains “very grave” with 24 million job-seekers for only 12 million openings, Xinhua News Agency said, citing Yin Chengji, a Ministry of Human Resources and Social Security spokesman.
At least nine Chinese provinces and cities raised minimum wages by as much as a third today after Premier Wen Jiabao called for measures to head off growing worker unrest in the world’s third-largest economy.
China’s job market for university graduates is showing signs of stress as the nation’s deepest economic slowdown since the global financial crisis coincides with a record 6.8 million students completing their studies.