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Aid plan aims at new graduates
Source: Shanghai Daily |
January 8, 2009, Thursday
|
Print Edition
Print Edition
THE Chinese government said yesterday that it will pay off the loans of college graduates who agree to work in the country's less-developed central and western regions.
That move and a series of other incentives announced by the State Council at the same time are designed to help the country's millions of graduates find jobs amid a grim employment outlook brought by the global economic downturn.
More than 6 million college graduates are scheduled to join China's labor market this year, compared with nearly 5.6 million in 2008.
Officials have warned in recent months that the slowing economy will severely dampen employment prospects.
The global financial meltdown has dealt a body blow to China's vital export industries, which account for 40 percent of the economy, causing thousands of factories making toys, shoes and cheap electronics to fold.
Student-loan debt will be paid off after the graduates work in the target areas for a "certain period of time," according to a statement from the Cabinet meeting, chaired by Premier Wen Jiabao.
The government will also offer subsidies or social insurance to graduates who take up "grassroots jobs" in villages and communities in urban areas, the Cabinet statement said.
The government will also repay loans and refund tuition for college graduates who join the army.
"Ensuring that university graduates find jobs is the top employment priority in light of the severe jobs situation due to the global economic crisis," the State Council said in the statement.
That move and a series of other incentives announced by the State Council at the same time are designed to help the country's millions of graduates find jobs amid a grim employment outlook brought by the global economic downturn.
More than 6 million college graduates are scheduled to join China's labor market this year, compared with nearly 5.6 million in 2008.
Officials have warned in recent months that the slowing economy will severely dampen employment prospects.
The global financial meltdown has dealt a body blow to China's vital export industries, which account for 40 percent of the economy, causing thousands of factories making toys, shoes and cheap electronics to fold.
Student-loan debt will be paid off after the graduates work in the target areas for a "certain period of time," according to a statement from the Cabinet meeting, chaired by Premier Wen Jiabao.
The government will also offer subsidies or social insurance to graduates who take up "grassroots jobs" in villages and communities in urban areas, the Cabinet statement said.
The government will also repay loans and refund tuition for college graduates who join the army.
"Ensuring that university graduates find jobs is the top employment priority in light of the severe jobs situation due to the global economic crisis," the State Council said in the statement.
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