China increases policy support to meet annual job creation goal

China will further improve its employment-first policy and help key population groups secure jobs in a quest to meet its annual job creation target, the Ministry of Human Resources and Social Security said on Friday.

The country created a total of 10.49 million new urban jobs during the first nine months of 2024, said ministry official Chen Yongjia at a press conference. China set itself a target of generating over 12 million urban jobs in 2024.

To achieve this target, the ministry will launch job creation campaigns in key sectors such as advanced manufacturing and the silver economy, while maximizing the use of tax and fee cuts, subsidies and refunds to help businesses maintain stable employment, Chen said.

In the first nine months, the Chinese government provided more than 150 billion yuan (about 21.1 billion U.S. dollars) in employment support for businesses and employees, data from the ministry showed.

This support included reduced premium rates for unemployment insurance, insurance refunds and subsidies for vocational skills training, according to the ministry.

The ministry will continue to offer skills training subsidies targeting the digital and green sectors, and assist businesses in better aligning skills training with market demand. It will improve measures to boost incomes for skilled professionals, Chen said.

The ministry will provide special assistance for unemployed graduates, and encourage employers to offer them internship opportunities to ensure overall employment stability among the youth, the official added.

Chen also underscored the importance of improving services for job seekers, calling for efforts to organize job fairs, better match supply with demand, and create a supportive environment for entrepreneurship.