China will step up support for employment to cope with rising pressure on job security due to internal and external challenges, the cabinet said on Tuesday, as the world’s second-largest economy slows, reported Reuters.
Simultaneous downturns in the services and manufacturing industries pose a major problem for authorities seeking to keep a lid on unemployment and prevent social unrest as economic growth decelerates to near three-decade lows.
“At present, China’s employment situation is generally stable, but risks and challenges at home and abroad are increasing and the pressure to stabilize employment is increasing,” the State Council said in a statement. The government will attach equal importance to creating new jobs and safeguarding existing jobs, and make more effort to head off risks of unemployment, it said.
China will step up financial support for private and small firms, including implementing targeted reserve requirement cuts and encouraging banks to boost long-term loans to small firms in the manufacturing sector, the cabinet said. The government will also expand investment appropriately and stabilize foreign trade to boost employment, it said.