State Council announces measures to boost jobs
Print Edition
CHINA yesterday announced measures aimed at promoting innovation and job creation, as authorities seek to ensure that slowing economic growth doesn’t harm employment.
The State Council said entrepreneurship as well as startup enterprises should be encouraged to serve as a new engine for economic growth, according to Xinhua news agency.
Economic growth in 2014 was its worst in nearly a quarter century, expanding 7.4 percent, while gross domestic product decelerated further in the first quarter of this year from the previous three months.
Chinese authorities are tolerant of the slowdown, seen as a necessary element in transforming of the economy to one in which consumer spending drives growth, a change seen as leading to more sustainable long-term expansion.
But they are sensitive to the potential impact on job growth, a key element of social stability in a country with the world’s largest population.
The measures call for governments at all levels to place priority on creating jobs, increase employment through the encouragement of entrepreneurship and startups, help university graduates secure employment or establish businesses, and offer improved government and training services.
When it released the first quarter GDP figure in March, the government said China’s unemployment rate was “stable” at about 5.1 percent and that 3.2 million new urban jobs were created in the period.
Such a pace would put the country on course to best its annual target of more than 10 million new urban jobs.
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