Accurate data vital to market reforms

The results of an official survey conducted in 31 major cities found that China's unemployment rate was roughly 5.05 percent in June.

This figure is a major breakthrough for China, in that it marks the first time the country has published its national unemployment rate.

Historically, such information was not made available to the public, although it has been collected for internal government use. Prior to this as well, officials frequently classified many of the country's idle working-age individuals as "awaiting employment" rather than "unemployed."

As a result, China has long lacked an official unemployment rate. This is unfortunate since basic labor statistics offer an important glimpse into a country's economy.

China needs a unified system to provide accurate information pertaining to national conditions to the public. This need is all the more pressing now that political leaders are calling for the deepening of market-oriented mechanisms. More information will not only benefit investors, consumers and employers, it will strengthen China's ties with international institutions.