China reports lowest urban unemployment rate since 2002

BEIJING - China's registered unemployment rate in urban areas stood at 3.9 percent at the end of 2017, the lowest since 2002,the Ministry of Human Resources and Social Security said Friday.

The reading was lower than 3.95 percent at the end of the third quarter last year, which was the lowest level since 2008.

The registered unemployment rate is calculated based on the number of unemployed people who register with human resource authorities or employment service institutions.

"China's job market remained stable and achieved progress in 2017 with core indicators beating expectations," ministry spokesperson Lu Aihong told a press briefing.

A historic high of 13.51 million new jobs were created in urban areas last year, 370,000 more than 2016, according to Lu.

China set an increase of 11 million jobs as its target for the whole of 2017, which was basically accomplished by September, according to the ministry.