China to roll out measures to maintain stable employment

China will roll out a series of measures to maintain stable employment this year, the official Xinhua news agency reported yesterday, citing the country’s human resources ministry. China is grappling with the impact of a slowing economy amid a damaging trade dispute with the United States, its largest trading partner, and sources have said it plans to set a lower economic growth target of 6 to 6.5 percent in 2019, compared with “around” 6.5 percent in 2018.

In order to ensure employment, the Chinese government will reduce the burden on companies, officials from the Ministry of Human Resources and Social Security said, according to Xinhua, adding that research on plans to cut their social insurance premium rate would be accelerated.

“Enterprises with fewer or zero layoffs can take half of the previous year’s unemployment insurance premium back,” Xinhua quoted an unnamed senior ministry official as saying, reiterating a policy that was flagged by the State Council, China’s cabinet, in December.