China rolls out supportive policy to stabilize job market

Source:Global Times Published: 2020/3/23 16:22:05

Job seekers view employment information during a job fair in Lhasa, southwest China's Tibet Autonomous Region, Aug. 20, 2019. (Xinhua/Li Xin)

Strong government policy support has been rolled out to support the employment market reeled by the coronavirus, according to officials from the National Development and Reform Commission (NDCR) on Monday. 

The policies, including cutting fees and taxes and handing out subsidies for small and medium enterprises (SMEs) hiring college graduates this year, have been gradually introduced to combat the negative effects that are squeezing employment. 

China's urban unemployment rate in February was recorded at 6.2 percent, and new jobs added to the market totaled 1.08 million in cities. Both figures saw decreases year on year, according to data released from the National Bureau of Statistics. 

The decrease was largely due to the short-term shrinking of demand in the labor force, especially in demand for migrant workers and fresh graduates, Gao Gao, an official from the NDRC said on Monday. 

In an effort to stabilize the economy and the supply chain, as well as in jobs and employment, market regulatory authorities have encouraged more than 15,000 companies from manufacturing, catering and e-commerce to ensure supply to the market with stable quality and prices. 

Apart from offering SMEs subsidies for employing graduates this year, state-owned enterprises are also expanding recruitment for two years, Gao said. Other measures, including increasing internship opportunities, are also expected to benefit migrant workers and college graduates. 

The NDRC is also working to improve the business environment to ensure the productivity of the economy after the outbreak of the coronavirus, including cutting the application process to start a business, and to utilize e-commerce platforms and information technology to stimulate demand. 

Online sales of goods accounted 5 percentage points more in the total retail sales of consumer goods in China in the past two months, production index for information services also jumped 3.8 percent, according to NDRC.

"The new technology is providing people with more diverse options that are of better quality," Gao said, "As the information level of business rises, it will also offer many employment opportunities for entrepreneurs and high-quality college graduates."

Posted in: ECONOMY

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