{
  "title": "China’s Labor Market in the “New Normal”",
  "publication": "IMF Working Papers, July 13, 2015",
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  "summary": "As China implements reforms under the “new normal,” maintaining stability in the labor market is a priority. The country’s demography and labor dynamics are changing, after benefitting in past decades from ample cheap labor.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- As China implements reforms under the “new normal,” maintaining stability in the labor market is a priority.\n- The country’s demography and labor dynamics are changing after benefitting in past decades from ample cheap labor.\n- So far, the labor market appears to be resilient, even as growth slows, driven in part by expansion of the services sector.\n- Migrant flows and possible labor hoarding in overcapacity sectors may help explain continued labor market stability.\n- Migrant flows and labor hoarding serve as short-term shock absorbers but, if persistent, may:\n  - Delay the needed adjustment process.\n  - Contribute to an inefficient allocation of resources.\n  - Curtail productivity gains."
    },
    {
      "heading": "Quantitative focus and scenarios",
      "content": "- The paper quantifies to what extent structural trends and the reform pace affect employment growth under the new normal.\n- Delays in reform implementation would:\n  - Weaken growth prospects in the medium term.\n  - Run the risk that job creation will fall below policy targets.\n  - Lead to labor market pressures in the future.\n- Successful transition scenario would require faster reforms, including in the overcapacity and state-owned enterprise sectors, supported by well targeted social safety nets."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Accelerate reforms in overcapacity sectors to avoid prolonged labor hoarding and inefficiencies.\n- Advance reforms in state-owned enterprise sectors to facilitate reallocation and productivity gains.\n- Implement well targeted social safety nets to support workers during transition and to cushion short-term shocks."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Authors: Waikei Raphael Lam, Xiaoguang Liu, Alfred Schipke\n- Publication date: July 13, 2015\n- Series: Working Paper No. 2015/151\n- Issue: 151\n- Volume: 2015\n- Pages: 34\n- DOI: https://doi.org/10.5089/9781513570693.001\n- Stock No: WPIEA2015151\n- ISBN: 9781513570693\n- ISSN: 1018-5941\n- Also available in 中文\n- Subjects: Economic sectors, Employment, Labor, Labor markets, Migration, Population and demographics, Services sector, Unemployment rate\n- Keywords: China, Employment, Global, growth rate, labor market, labor market condition, labor market mobility, labor market resilience, Labor Markets, Migration, Mobility, per capita income, productivity gain, Services sector, Unemployment, WP\n\nSource: IMF Working Paper “China’s Labor Market in the “New Normal””, Waikei Raphael Lam, Xiaoguang Liu, Alfred Schipke, July 13, 2015.\n\n---\n\n Content in this bundle\n\n- wp15151\n  - wp15151 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp15151 (PDF){rel=\"external\" type=\"application/pdf\"}\n- wp15151c\n  - wp15151c (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp15151c (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/chinas-labor-market-in-the-new-normal-43072"
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    "Authors: Waikei R Lam, Xiaoguang Liu, Alfred Schipke",
    "Published: July 13, 2015",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513570693.001",
    "As China implements reforms under the “new normal,” maintaining stability in the labor market is a priority.",
    "The country’s demography and labor dynamics are changing after benefitting in past decades from ample cheap labor.",
    "So far, the labor market appears to be resilient, even as growth slows, driven in part by expansion of the services sector.",
    "Migrant flows and possible labor hoarding in overcapacity sectors may help explain continued labor market stability.",
    "Migrant flows and labor hoarding serve as short-term shock absorbers but, if persistent, may:",
    "The paper quantifies to what extent structural trends and the reform pace affect employment growth under the new normal.",
    "Delays in reform implementation would:",
    "Successful transition scenario would require faster reforms, including in the overcapacity and state-owned enterprise sectors, supported by well targeted social safety nets.",
    "Accelerate reforms in overcapacity sectors to avoid prolonged labor hoarding and inefficiencies.",
    "Advance reforms in state-owned enterprise sectors to facilitate reallocation and productivity gains.",
    "Implement well targeted social safety nets to support workers during transition and to cushion short-term shocks.",
    "Authors: Waikei Raphael Lam, Xiaoguang Liu, Alfred Schipke",
    "Publication date: July 13, 2015",
    "Series: Working Paper No. 2015/151",
    "Issue: 151",
    "Volume: 2015",
    "Pages: 34",
    "DOI: https://doi.org/10.5089/9781513570693.001",
    "Stock No: WPIEA2015151",
    "ISBN: 9781513570693",
    "ISSN: 1018-5941",
    "Also available in 中文",
    "Subjects: Economic sectors, Employment, Labor, Labor markets, Migration, Population and demographics, Services sector, Unemployment rate",
    "Keywords: China, Employment, Global, growth rate, labor market, labor market condition, labor market mobility, labor market resilience, Labor Markets, Migration, Mobility, per capita income, productivity gain, Services sector, Unemployment, WP",
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