China Vows Employment Support as Labor Market Under Pressure
China Vows Employment Support as Labor Market Under Pressure
(Bloomberg) -- China pledged to prioritize employment with its fiscal and monetary policies as the labor market remains under pressure, the country’s cabinet said Monday.
China still faces relatively large employment pressure during the 14th five-year-plan period which ends in 2025, according to a statement released from the State Council meeting chaired by Premier Li Keqiang. The cabinet also urged China to push for close to full employment with higher quality jobs during the period.
China “will continue to make employment the top priority of economic and social development as well as macro policies,” strengthen the government’s responsibility while maintaining the market’s dominant role in order to achieve higher-quality employment, the meeting said.
The cabinet called for all departments to “strengthen cross-cyclical policy adjustment” to make sure the economy operates within a reasonable range. That is a new catchphrase that economists say reflects a greater focus on longer-term goals rather than short-term economic performance.
The State Council also said extreme weather has caused serious flood damage, while the coronavirus re-emerged in many provinces. Commodity prices remained high, and the international economic environment is complex, it said.
Efforts should be devoted to developing labor-intensive industries as well as new industries and fresh business models to create more jobs, it said. The government should also provide better service to key groups such as fresh graduates, migrant workers, military veterans and those who have just emerged from poverty.
China will strengthen vocational skills training, the statement said, so as to avoid the problem of structural unemployment caused by a mismatch in skills. In the meantime, China will work to eliminate employment discrimination and better protect the rights and interests of irregular workers, older employees and women.
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With assistance from Bloomberg