China Vows to Bring Unemployment Rate under 4.5 Percent

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Last updated at: (Beijing Time) Thursday, March 06, 2003

China Vows to Bring Unemployment Rate under 4.5 Percent

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China promised to spare no effort to reach the projected targets for creating over 8 million new jobs for urban residents, in a bid to confine its registered urban unemployment rate to 4.5 percent in 2003.

This was announced Thursday by Zeng Peiyan, minister in charge of the State Development Planning Commission, when delivering the planning report to the first session of the 10th National People's Congress.

The registered urban unemployment rate for 2002 was 4 percent, according to official statistics.

Efforts to bring the unemployment rate under control and increase over 8 million jobs should be incorporated into the plans of governments at all levels for economic and social development, according to his report.

"Development of the service sector will be the main source of new employment and reemployment. In particular, we must make full use of the important roles of individually and privately run businesses and of small and medium-sized enterprises in increasing employment," the minister said.

Great efforts should be made to create jobs in urban communities. The labor market needs to be standardized and further developed. Unemployed people are encouraged and supported to seek jobs on their own and to start their own businesses.

The social security system will be improved. "We will further consolidate the system of guaranteeing that the basic living allowances for workers laid off from state-owned enterprises and the basic pensions for retirees are paid on time and in full," the economic planner stressed.

He added that the implementation of the three programs for ensuring basic living allowances for workers laid off from state-owned enterprises, for improving unemployment insurance and for guaranteeing a minimum subsistence level for needy urban residents should be well coordinated.

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