The official jobless rate has remained steady at about 5%, but manufacturing and tech firms have recently started laying off employees
Some details were even more revealing. Mr Li declared that economic policy would have an “employment first” focus: the government would strive to keep the unemployment rate below 5.5% and provide training for those out of work. . Lest the public think that officials are living high off the hog while others face straitened times, Mr Li ordered bureaucrats to cut spending on travel, cars and entertainment by 3%.
The big economic question is what the government’s concerns mean for its fiscal and monetary policies. Whenever growth has slowed in the past decade, China has reliably responded with hefty spending on infrastructure and a strong nudge to banks to lend more money. The signals are less clear this time around.
But the Communist Party is still looking for ways to pep up the economy. Conveniently, there is one policy tool that does not involve building yet more bridges, and that has the added benefit of being popular: reducing tax. Mr Li unveiled cuts, mostly for firms, that should total nearly 2trn yuan this year, or more than 2% of forecast, a bank, called it China’s most sweeping corporate-tax cut in a decade.
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