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China is pursuing fiscal and monetary policies to promote job stabilization

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News Tech: BEIJING, Aug 25 (Reuters) – China will focus on creating jobs and promote fiscal, monetary and industrial policies to stabilise its labour market, Li Zhong, Vice Minister of the Ministry of Human Resources and Social Security, said on Thursday.

China’s employment situation has remained generally stable for a long time, but there has been persisting long-term pressure, Li told a news conference in Beijing.

As the Chinese economy struggles to recover from a COVID-induced slump, the youth unemployment rate has surged to a record high of 19.9% in July, while the nationwide survey-based urban jobless rate eased but remained elevated at 5.4%. Unemployment insurance payouts hit an all-time high in June.

“Structural contradictions have become more prominent with rising uncertainties and unstable factors. The job employment work still faces big challenges,” he said.

China will focus on helping college graduates and migrant workers get jobs in the next step.

To prop up the economy, China added 19 new policies on top of existing measures, including raising the quota on policy financing tools by 300 billion yuan ($43.69 billion), state media cited the cabinet as saying after a regular meeting chaired by Premier Li Keqiang on Wednesday. Authorities will take “timely and decisive measures, maintain a reasonable policy scale and make good use of policy tools in the toolkit, and intensify efforts to consolidate the foundation for economic recovery,” the cabinet added.

RegisterReporting by Ellen Zhang and Liz Lee; Editing by Muralikumar Anantharaman and Kim Coghill Source: Reuters Trust Principles.

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