Print This Page Email This Page
China to Promote Employment, Expand RMB Business in HK

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)

Related Stories

Print This Page Email This Page
'Tomorrow Plan' Helps Disabled Orphans
First Chinese Volunteers Head for South America
East China City Suspends Controversial Chemical Project Amid Pollution Fears
Second-hand Smoke a 'Killer at Large'
Private Capital Flows to Developing Countries Hit New Record in 2006
Survey: Most of China's Disabled Not Financially Independent

Product Directory
China Search
Country Search
Hot Buys