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China Unemployment Outlook

China’s continued economic recovery will provide solid support for stabilizing employment, a spokesperson said Friday.

With the optimization and adjustment of epidemic prevention policies and further implementation of various measures to stabilize the economy, the Chinese economy will continue to recover and provide solid support in stabilizing employment, said Guo Weimin, spokesperson for the first session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC).

CPPCC National Committee members have put forward many good suggestions on how to promote employment, Guo said when answering questions at a press conference.

Some CPPCC National Committee members believe that only when enterprises are stable can employment be stable, and only when enterprises grow can employment grow. Therefore, it is necessary to sustain and develop existing enterprises.

Some other members pointed out that it is necessary to speed up the development of new industries, and increase supportive and preferential efforts in such areas as finance, taxation and social security for micro, small and medium-sized enterprises in order to maintain and create more jobs, Guo said.

Some believe that the protection of the rights and interests of employees in industries including express delivery, take-away service and online ride-hailing should be strengthened, and the development of new employment forms should be actively promoted and guided, according to Guo.

Stabilizing employment still faces many difficulties and challenges, according to Guo, given that it is estimated that there are more than 11.5 million college graduates this year. At the same time, there is a gap between workers’ skills qualification and job requirements, and structural contradictions are prominent.

Some CPPCC National Committee members suggest that it is necessary to innovate working ideas and methods for the employment of college graduates and introduce practical and effective measures to help them, which requires the joint efforts of the government, enterprises and relevant institutions as well as individuals.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.