China will increase its job creation effort and promote entrepreneurship this 2018, according to the spokeswoman for the top state planner, in an interview last Sunday. In the recent years, there have been millions of people who are having a difficult time finding job in the country. And while some of those are undergrads, a couple of them are college graduates as well.
9.7 million people-and counting
Meng Wei of the National Development and Reform Commission (NDRC) states that China needs to create jobs for 9.7 million people registered as unemployed and 8.2 million new college graduates, as well as workers affected by industrial capacity cuts.
However, China's urban-registered unemployment rate fell to 3.9 percent last year and has remained generally stable despite the slowing economic growth and the government forging ahead with plans to cut back industrial capacity.
Prior to the plan to create jobs for millions, the official data is an unreliable indicator of employment conditions because it only measures employment in urban areas and does not take into consideration the millions of migrant workers who form the bedrock of China's labor force.
"We will implement an employment-first strategy and more proactive employment policies...and vigorously promote employment and entrepreneurship," Meng told in a news conference on Sunday, adding that protecting jobs was fundamental to China's stable growth policy.
In addition to that, authorities are believed to be counting on "new growth engines" such as technology and services to support job creation.
Meng said China will generate a policy environment that supports the digital economy and will promote the big data, artificial intelligence and industrial internet sectors.
The NDRC will also improve policies to support the growth of private firms, building on examples of successful policies from around the country, she noted.
