In 2018，China’s economic activity population began to decline，and the scale of migrant workers decreased by more than 500 thousand compared with the previous year. Based on the prediction of labor supply and demand during the 14th Five Year Plan period and long term in the future，this study finds that，China’s labor supply would be continuing to decline since 2018，with a downward trend in the total labor supply，new labor and rural migrant workers. Combined with the expected new jobs brought about by China’s future economic growth，if only the quantitative relationship between labor supply and demand is examined，then the “14th five-year plan” will continue to maintain the basic balance. In July 2019，the national urban survey unemployment rate was 5.3%，0.2 percentage points higher than last month. This means that in the medium and long term，the main contradiction of China’s employment market is the matching between labor supply and market demand，and the structural contradiction of labor supply is the core of hindering China’s employment rebalancing. It is suggested that we should set up diversified development goals and realize the employment rebalancing of different types of unemployment.