China rolls out measures to support youth employment
China Friday announced a raft of measures to help young people, especially college graduates, find jobs and set up businesses in the latest move to stabilize employment.
The State Council detailed supportive policies in a document, including subsidies to employers that hire more graduates and guaranteed loans for young entrepreneurs.
Key groups including college graduates are under pressure to secure jobs as there will be a record number of new graduates from universities and colleges this year.
The government vowed to create more jobs in manufacturing upgrades, emerging industries, and services.
Micro, small, and medium-sized enterprises that employ more graduates will get social insurance subsidies, guaranteed loans, interest discounts, and tax and fee reductions. The platform economy will be encouraged to play a more significant role in creating jobs. The state-owned enterprises will also recruit more.
College graduates starting their own businesses will enjoy favorable policies, including one-off subsidies and tax breaks, and government-invested incubators will allocate 30 percent of facilities to them for free.
Those meeting economic hardship can also have their repayment of student loans deferred and interest reduced or exempted, according to the document.
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