Headline employment data are giving an overly weak impression of China’s labour market. Our Labour Market Indicator points to still-firm cyclical conditions, while a structural shift in labour demand towards high-tech, high-skilled sectors is also supporting wage growth. That shift is helping to boost wage growth even as capital-intensive growth weighs on labour income. We expect this shift to support household income and spending over the coming quarters.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.
