BEIJING: China’s leadership announced new measures to boost employment, state media reported on Wednesday (Sep 25), a day after Beijing unveiled a sweeping stimulus package to bolster its ailing economy.
The world’s number two economy has struggled to sustain a highly anticipated recovery from the COVID-19 pandemic and analysts say the government’s stated goal of 5 per cent growth in 2024 is optimistic given the headwinds Beijing faces.
Those include a creeping debt crisis in the crucial property sector, prolonged deflationary pressure and high youth unemployment. Official data last week showed youth unemployment had risen to 18.8 per cent in August, the highest this year.
State broadcaster CCTV published on Wednesday a set of opinions by the ruling Communist Party’s Central Committee and State Council on “implementing the employment priority strategy to promote high-quality full employment”.
They included more support for “college graduates and other young people”, such as promoting better wages, training and opportunities for further study.
Policymakers called for more effective youth employment services, such as targeted career guidance and internships, as well as better assistance for graduates from poor families and “long-term unemployed youth”.
