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China targets jobs, wages and training in new 5-year economic blueprint

Bangkok Post, China, 30 August 2021 - China has released a five-year blueprint to boost employment, shifting focus to wage growth and expansion of the vocational education system to help drive domestic demand and upgrade industry.

Under the plan issued on Friday by the State Council, 55 million urban jobs are expected to be created by 2025 and the official urban unemployment rate capped at 5.5%, compared with over 50 million positions and a 5% jobless rate under the 2016-2020 plan.

In a first, the new plan also aims to "steadily raise" the share of wages in terms of GDP. And it contains a compulsory goal of an average of 11.3 years of education for the working-age population by 2025, up from 10.8 years in 2020.

Beijing has made employment a top priority since the pandemic hit last year, ramping up the rhetoric on the need for more and better quality jobs.

Employment is seen as an economic safeguard, particularly as China pursues its inward-looking "dual circulation" strategy and more advanced manufacturing to avoid the middle-income trap and overcome foreign sanctions on high technology.

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Source: https://www.bangkokpost.com/business/2173583/china-targets-jobs-wages-and-training-in-new-5-year-economic-blueprint

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