SCIO briefing on China's economic performance in first quarter of 2021

Eighth, the surveyed urban unemployment rate fell and employment remained generally stable. 

In the first quarter, the newly employed people in urban areas numbered 2.97 million. In March, the surveyed urban unemployment rate was 5.3%, down by 0.2 percentage points compared with February and 0.6 percentage points lower than the same period last year. The surveyed unemployment rate of population with local household registration was 5.3% and that of population with non-local household registration was 5.4%. Specifically, the surveyed unemployment rates of the population aged from 16-24 and from 25-29 were 13.6% and 4.8%, respectively. The surveyed urban unemployment rate in 31 major cities was 5.3%, 0.2 percentage points lower than that in February. In March, employees of enterprises worked 46.9 hours per week on average, up by 0.6 hours compared with February. At the end of the first quarter, the number of rural migrant workers totaled 174.05 million. 

Ninth, residents' income continued to rise and the income growth of rural residents outpaced that of urban residents. 

In the first quarter, the per capita disposable income of residents nationwide was 9,730 yuan, a nominal increase of 13.7% year on year, with an average two-year growth of 7.0%, or a real increase of 13.7% year on year after deducting price factors, with an average two-year growth of 4.5%. In terms of permanent residents, the per capita disposable income of urban residents was 13,120 yuan, a nominal increase of 12.2% year on year and a real increase of 12.3%; and the per capita disposable income of rural residents was 5,398 yuan, a nominal increase of 16.3% year on year and a real increase of 16.3%. In terms of income source, nationwide per capita salary income, net operative income, net property income and net income from transfers saw year-on-year growth of 12.4%, 19.5%, 17.0% and 10.7% in nominal terms, respectively. The per capita disposable income of urban residents was 2.43 times that of rural households, 0.09 lower than the ratio of the same period last year. Median per capita disposable income nationwide was 8,014 yuan, an increase of 12.7%. 

Generally speaking, the national economy in the first quarter continued its stable recovery. However, we must be aware that the COVID-19 pandemic is still spreading globally and the international landscape is complicated with high uncertainties and instabilities. The foundation for the domestic economic recovery is also yet to be consolidated and the long-standing structural problems remain prominent with new situations and issues arising from development. In the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and continue to consolidate the foundation of economic stability, to build strength for development and to guarantee basic security requirements. We should maintain the consistency, stability and sustainability of macro policies, deepen reform and opening-up and innovation, keep the economy performing within a reasonable range and promote the quality development of the economy in a solid manner. 

That's all for my introduction. Thank you.