Last year the actual economic growth rate in Gross Domestic Product was 10.2 percent. Growth of fixed asset investment for 1996 was forecast at 32 percent in the report. That compared with growth of 18.8 percent in 1995 which was down by 12.6 percentage points from 1994. The target growth in fixed asset investment for next five years is 30 percent. Mounting Unemployment Problem China's unemployment problem is mounting as new workers enter the job market, according to a report in the Shanghai-based Business Daily.
Official figures show that the unemployment rate is under three percent.
But the paper said that many unemployed people went unregistered. 72 million young people are expected to enter the labor market in the next five years. State and collective firms in urban areas have about 40 million workers to gradually dismiss. And since the early 1990s, collective enterprises in rural areas have been unable to absorb all labor supplies, resulting in a floating population of 80 million people in the country looking for work. Than Economy China's insurance sector is expected to expand at a faster pace than China's booming economy during the next 20 years, according to a report by AP-Dow Jones News.