Some of China's most indebted local governments are on a hiring spree, a move that analysts say could put fragile regional finances under more strain as officials seek to create jobs for a record number of graduates entering the workforce this year.
, totalling $9 trillion, or about half the nation's gross domestic product, is one of the biggest threats to fostering sustainable growth in the world's second largest economy.is one of the government's major tasks this year, while it's also prioritising job creation in an economy still reeling from years of costly COVID-19 lockdowns, travel curbs and other containment measures.
"This type of strategy could be partly calculated to keep educated young people within the province, rather than seeing them leave for more developed regions," said Jack Yuan, vice president and senior analyst at Moody's. The provinces of Gansu and Yunnan as well as the region of Guangxi, are set to see the biggest percentage increase in hiring for civil servants in China this year, according to Offcn Education Technology Co, one of the country's largest tutoring firms for the public service examination.
The overall number of jobs being added across mainland China's 31 provinces, regions and municipalities, is around 190,000, a 16% increase from 2022, financial media outlet Caixin reported.
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