China will double its efforts to create new jobs and start promoting entrepreneurship. The Chinese Government is under pressure to find work for millions of unemployed and for new graduates. The state will have to create jobs for 9.7 million people registered as unemployed and 8.2 million recent students as well as for workers who have lost their positions due to the reduction of the capacity of the industry.
The urban unemployment in China declined to 3.9% last year and remains robust despite slowing economic growth. According to many analysts, however, official data coming from Beijing is an unreliable source because it only measures employment in urban areas.
Authorities hope for the “new engines of growth”, with the technology sector and services supporting job creation. China will also create a legislative framework to support new sectors such as the digital economy, big data, artificial intelligence and others. Copying successful examples from other countries, Beijing will also change the laws of private companies to accelerate their growth.
“We will implement an employment-first strategy and more proactive employment policies…and vigorously promote employment and entrepreneurship”, said Meng Wei of the National Development and Reform Commission (NDRC).