BEIJING, Sept. 29, 2020 /PRNewswire/ -- In the process of coordinating epidemic prevention and control and promoting economic development, China is now facing greater employment pressure.
This year, there are about 15 million new entrants to the workforce, including 7.49 million college graduates and about three million surplus rural laborers. The pressure caused by the total number of unemployed labor force is still enormous.
How can job demand be created, to absorb the unemployed labor force?
On April 17, the meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee emphasized the need to increase domestic demand. At present, the coronavirus has spread across the world, overseas market demand is suppressed, and the global supply chain is facing the risk of disruption. Increasing domestic demand is conducive to maintaining the integrity and smoothness of China's domestic industrial and supply chains and creating favorable conditions for rapid economic recovery.
The ongoing fiscal measures to increase domestic demand cover three categories and involve 23 policies. Total expenditure budget amounted to 1.3 trillion yuan (about US$183 billion), of which over 500 billion yuan (about US$70.4 billion) has been implemented.
Moreover, releasing structural potential is a necessary solution to address demand for jobs in the long term.
The remarkable achievements of China's economy in the past four decades are mainly attributed to the structural potential released by technological progress, upgraded industrial and consumption structures and industry, and rapid urbanization.
The effective use of structural potential requires a greater role played by supply-side policies, which calls for prioritizing the pursuit of supply-side structural reform and promoting the continuous upgrade of the supply structure.
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