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Action Plan Looks to Establish RMB 2 Trillion HR Sector in China by 2020

With China committed to developing a specialist human resources services sector with a truly global outlook and a market value of RMB2 trillion (US$ 300 billion) by 2020, the Ministry of Human Resources and Social Security has published its roadmap for meeting those objectives. In particular, this focuses on the need for 100 of China’s most successful businesses to take the lead in bringing this project to fruition.

Among the priorities in the action plan are the following:

  • Implementing the agreed plan for designating and nurturing core businesses
  • Implementing the agreed plan for nurturing world-class talents
  • Planning the construction of future industrial parks
  • Integrating human resources services and online capabilities (‘internet+ human resources’)
  • Establishing an overseas investment management system in line with best international practices in the human resources services sector, while steadily opening up China’s human resources market to the outside world. In particular, every effort should be made to enhance exchanges and deepen co-operation between the human resources service sectors of the countries along the Belt and Road routes

These objectives were detailed in the Ministry of Human Resources and Social Security’s recently-issued Action Plan for the Development of the Human Resources Service Sector. This was in line with the Ministry’s commitment to the 13th Five-Year Plan for Promoting Employment and the Opinions of the State Council on Fulfilling the Work of Employment and Entrepreneurship at Present and in the Future.

For further details (in Chinese), please refer to the following link:

Action Plan for the Development of the Human Resources Service Sector (Ren She Bu Fa No. 74 [2017])

Content provided by Picture: HKTDC Research
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