China jobs: Beijing in search of new arsenal to create fresh vacancies for its graduates
- China’s State Council has rolled out 15 measures to address its weak job market amid the uneven post-coronavirus economic recovery
- With over 11.5 million university students set to graduate this year, China’s surveyed jobless rate for 16- to 24-year-olds rose to 19.6 per cent in March
As a record number of college graduates will soon flood into China’s already weak job market, where nearly 20 per cent of the nation’s youth are already without work, Beijing is set to dig into state-owned enterprises, private firms and the public sectors for more vacancies.
China’s cabinet rolled 15 support measures on Wednesday, with the world’s second-largest economy facing an uneven post-coronavirus recovery amid weak confidence among small businesses and private entrepreneurs and falling export orders.
The State Council, as part of efforts to aid business expansion and hiring, will compile lists of companies with hiring intentions, offer job subsidies for employers, use the government’s unemployment fund and plan to create more jobs in rural areas, remote and border regions and sectors.
State-owned enterprises and public institutions, including schools, hospitals and neighbourhood services, have also been encouraged to employ more younger workers.
Employment of college graduates and other young people still faces some fresh obstacles and new challenges
“The scale of college graduates this year is at a record high, while the foundation of the economic rebound is not yet solid, and employment of college graduates and other young people still faces some fresh obstacles and new challenges,” vice-minister for human resources, Yu Jiadong, said on Thursday.