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POLITICAL ECONOMY
Chinese named IMF secretary
by Staff Writers
Washington (AFP) March 7, 2012


International Monetary Fund managing director Christine Lagarde tapped a Chinese IMF official Wednesday as the Fund's next secretary.

Jianhai Lin, who has been acting secretary since November, will hold the key post of the department that is responsible for the operations of the IMF executive board and serves as a main contact point for the institution's 187 member countries, the IMF said in a statement.

Lin will succeed Siddharth Tiwari, an Indian national who was recently appointed strategy director.

Lin's appointment takes affect on March 22.

"Jianhai has had a wide-ranging Fund career in both country and policy work," Lagarde said in the statement.

"This breadth of experience has been of particular benefit to the IMF, where Jianhai's skill in building consensus among staff, management and our global membership has been essential for the productive work of the executive board during one of the most challenging periods in the Fund's history."

Lin studied at the University of International Business and Economics in Beijing and the University of California at Berkeley, and earned his doctorate in international finance from George Washington University.

Prior to his arrival at the Fund in the 1990s, he worked in the financial sector and academia.

In July 2011, Lagarde selected Zhu Min as the first Chinese to hold the newly created post of deputy managing director.

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China facing employment challenge in 2012: minister
Beijing (AFP) March 7, 2012 - China will face employment challenges this year because of the number of people seeking work and imbalances in the labour market, the minister for human resources and social security said Wednesday.

"The pressure is generally high," said Yin Weimin in a speech on the sidelines of the annual session of the National People's Congress (NPC), China's parliament.

He said 25 million additional workers will seek work in urban areas in 2012, more than half of them university graduates.

Between nine and 10 million others from the countryside will also be seeking work, adding to high numbers of job seekers.

China has reduced its growth target this year to 7.5 percent -- an official acknowledgement that the export-driven economy is slowing as Europe's debt crisis and the sluggish recovery in the United States hurt demand for its goods.

China's economy expanded by 9.2 percent last year, slowing from a blistering 10.4 percent in 2010, with global turbulence and efforts to tame high inflation putting the brakes on growth.

The government wants to prevent an increase in unemployment in 2012 by creating nine million more jobs. There were 21.21 million jobs created last year.



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Walker's World: Brits reform welfare
London (UPI) Mar 5, 2012
The world's most ambitious current attempt to redefine the social contract for the 21st century was passed last week by British lawmakers. It has two main principles. The first is that no household, however many the children or dependents and however sick or disabled, can receive more in public money than someone on average pre-tax wages of $50,000 a year. The second is to put al ... read more


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