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China will create 50 million jobs from 2016 to 2020

China will create more than 50 million jobs in Chinese cities in the next five years and maintain its jobless rate within 5 percent, according to a recently released plan on human resources and social security of the 13th Five-Year Plan (2016-2020).

The plan will prioritize graduate employment, as well as the relocation of workers who were made redundant from industries suffering from overcapacity.

The talent pool is expected to see more than 75 million skilled professionals during the 13th Five -Year Plan. On the social security aspect, the plan is aimed to increase the pension penetration rate to 90 percent and bump up the medical insurance rate to 95 percent.