Source: Bloomberg (paywall)
Beijing's removal of numerical employment guarantees from its five-year plan breaks three decades of policy continuity. The state is moving from promise-based planning to accepting structural joblessness driven by AI and automation. White-collar displacement, particularly among college graduates in tech and services, has worsened. Beijing's confidence that social stability no longer requires quantified job pledges suggests the political calculus has shifted. The omission effectively permits state enterprises and tech firms to prioritize efficiency over headcount, recalibrating the implicit social contract that underpinned China's growth model.