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State Council to enhance employment and entrepreneurship

Updated: Apr 19,2017 5:11 PM     english.gov.cn

Efforts will be made to promote employment and entrepreneurship, which are top government work priorities, according to a circular issued by the State Council on April 19.

Employment is significant to the livelihood of 1.3 billion people but also essential to economic development, said the circular.

The major objective of stabilizing economic growth is to secure employment, which will be promoted with medium-to-high economic development.

In addition to stable economic development, industrial structure and regional development are also important for employment as efforts will be made to diversify the industrial system, which focuses not only on advanced manufacturing industries and strategic emerging industries but also labor-intensive industries, as to create more jobs.

Small and micro businesses will play a major role in boosting employment, and supporting policies, such as tax reduction, will be further implemented.

Supported by a new generation of information and internet technologies, strengthening technology integration and business innovation and promoting economic innovation such as crowd sourcing are major next steps.

The social security system, which includes pensions, medical insurance and housing funds, will be improved to adapt with the development of new industries and diversified employment.

Policies will be fully implemented in order to promote an environment for mass entrepreneurship and innovation, streamlining administration and delegating power to lower-level government, optimizing administrative services and business system reform.

Work will also be done to accelerate the construction of entrepreneurship incubation bases and maker spaces by transforming old business infrastructure, storehouses and unused buildings.

Support will be enhanced for small and micro businesses which have been run by college graduates for more than one year and local governments are encouraged to support their businesses with a one-time subsidy.

Financing channels will be expanded as efforts will be made to promote angel investment, entrepreneurship investment, and internet finance, meeting the financing demands of entrepreneurship.

Supporting policies will be implemented to back up college graduates, workers of industries that witness overcapacity reduction and retired veterans.

Improving education and training quality, public employment and entrepreneurship service and human resource market is also vital.

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