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China Unveils Measures for Stabilising Employment

Pressure to stabilise employment in China is growing as risks and challenges at home and abroad grow. Opinions on Further Stabilising Employment (Guo Fa No. 28 [2019]), a directive recently issued by the State Council, proposes measures to ward off the risk of mass unemployment and ensure overall employment stability. Businesses are to be given support in stabilising employment and creating jobs, and workers encouraged to find jobs and start businesses through diverse channels. The measures put forward include:

  • Extending staged reductions to unemployment insurance and work-related injury insurance premiums to 30 April 2021
  • Strengthening financial support for businesses
  • Guiding businesses to open up the domestic market
  • Tapping domestic demand to boost employment
  • Stabilising foreign trade to expand employment
  • Fostering and strengthening new growth drivers 
  • Fostering more startups

Source: State Council

Content provided by Picture: HKTDC Research
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