The Chinese government is drafting a law to promote
employment and has agreed to further expand Renminbi (RMB) business
in Hong Kong.
The government discussed and passed in principle the
draft of a law on the promotion of employment at an executive
meeting of the State Council presided over by Premier Wen Jiabao on Wednesday.
The meeting stressed that adequate employment is a key
index of social and economic development. The Communist Party of
China (CPC) and the central government have paid
close attention to the issue and implemented active employment
policies, making real progress in finding jobs for the swelling
numbers of job-seekers in both urban and rural areas.
However, given China's huge population, employment
pressures will not disappear in the short term. It is necessary to
formulate a special law to institutionalize principles and policies
for promoting employment.
The draft contains clear provisions on various aspects
of employment including principles, mechanisms, government
responsibility, policy support, the labor market, vocational
education and training, employment service and assistance,
supervision and inspection, and legal responsibility.
The meeting decided that after further revision, the
draft will be submitted to the Standing Committee of the National
People's Congress (NPC) for discussion.
Also at the meeting the State Council agreed to extend
clearing and settlement arrangements for RMB business carried out
by local banks in Hong Kong to cover funds raised in Hong Kong by
mainland financial institutions through the issuance of
RMB-denominated financial bonds.
(Xinhua News Agency January 11, 2007)