China Today: New Plan to create more jobs and entrepreneurship opportunities

Newsroom24x7 Desk

Jobfair in China (representative photo)Beijing: Confronted with the challenge posed by the economy that has slowed down, the State Council of the People’s Republic of China on May 1 unveiled a Plan that focuses on steps and measures that would help in creating more jobs and entrepreneurship opportunities.

China has decided to go for macro-adjustments through Plans for national economy and social development due to the recent increase in jobs in urban areas and the rising unemployment rate across the country. China has decided to encourage those industries that can generate more jobs and is of the firm view that small and micro units can take a lead in this direction.

China is now going to enter a phase where complicated business registration procedures would be knocked down and entrepreneurs and their innovative projects will be provided with “incubation platforms” and financial subsidies. There will also be a national development fund for small- and medium-sized enterprises and the national venture capital fund for newly emerging industries. Business Parks also will be established to help migrant workers start their own business at their native places.

Small and micro enterprises employing new college graduates will receive one-year social insurance subsidies. As a strategy, this one initiative is likely to help china mitigate the problem young graduates face when they do not land a job and find it difficult to pay back their study loans.

The Governments at various levels, will also promote equal access to standardized and professional services, and also take steps to end discrimination against women, those living in villages and the disabled.

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