The Chinese government will roll out a series of measures to maintain stable employment this year, reports Reuters, citing Chinese news agency Xinhua and the Ministry of Human Resources and Social Security. The Chinese government stated that to ensure continued employment, it will reduce the burden on companies.
The Ministry stated that research on plans to cut their social insurance premium rate would be accelerated while the Ministry was quoted as saying enterprises with fewer or zero layoffs can take half of the previous year’s unemployment insurance premium back. Meanwhile Chinese Premier Li Keqiang said planned tax cuts targeting smaller companies would help support employment and economic stability.
China is grappling with the impact of a slowing economy amid a damaging trade dispute with the US, its largest trading partner, and according to Reuters, China is reportedly planning to set a lower economic growth target of 6 to 6.5% in 2019, compared with “around” 6.5% in 2018.