China puts job creation on the front burner in quest for stable growth

  • China will boost its job creation effort and promote entrepreneurship in 2018. It is under pressure to find work for millions of unemployed people and new college graduates.
  • The country needs to create jobs for 9.7 million people registered as unemployed and 8.2 million new college graduates, as well as workers affected by industrial capacity cuts.
  • China’s urban-registered unemployment rate fell to 3.9% in 2017 and has remained generally stable despite slowing economic growth and the government forging ahead with plans to cut industrial capacity.
  • But many analysts say the official data is an unreliable indicator of employment conditions because it only measures employment in urban areas and does not take into account the millions of migrant workers who form the bedrock of China’s labour force.
  • The country is looking to implement an employment-first strategy and more proactive employment policies and vigorously promote employment and entrepreneurship. Protecting jobs is fundamental to China’s stable growth policy.
  • Authorities are counting on “new growth engines” such as technology and services to support job creation.
  • China wants to create a policy environment that supported the digital economy and would promote the big data, artificial intelligence and industrial internet sectors.
  • The commission would also improve policies to support the growth of private firms, building on examples of successful policies from around the country.

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