One important qualification to these numbers is that China's labour-force participation rate ie, those in work or seeking it fell to 65% in 2005 from 69% in 2000.

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Some of this is due to an ageing population and some to a rising share of that population in the labour force: the so-called participation rate has jumped a percentage point, to 40%, while slipping for the population as a whole.

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The participation rate, the share of the labour force either working or looking for work, has declined steadily since 2007, though it ticked up ever so slightly in September, to 63.6% (see chart).

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The unemployment number just looks at those actively looking for work, therefore if labour force participation stays low it will only take modest job growth to be responsible for the unemployment rate to enjoy a significant decline.

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