Shenzhen will create 600,000 new urban jobs in the years leading up to 2025, according to the 14th Five-Year Plan (2021-2025) jointly released by the human resources and social security bureau, and the development and reform commission yesterday.
The registered urban unemployment rate will be controlled within 3.5 percent.
In the five years, the city will provide subsidized vocational training programs to 1.4 million people and extend basic pension insurance, work-related injury insurance, and unemployment insurance to cover 13.19 million, 12.91 million and 12.72 million people, respectively.
During the 13th Five-Year Plan period, Shenzhen added 644,000 new urban jobs with the registered unemployment rate within 3 percent. In that period, the city handed out 13-billion-yuan (US$2 billion) unemployment insurance fees and subsidies to enterprises and families affected by the COVID-19 pandemic.
Nationally, led by the country’s consistent job-first policy, the State Council has released a plan on boosting employment for the 14th Five-Year Plan period, vowing to add over 55 million new urban jobs in the five years.
China’s ever-growing service sector, with new industries constantly emerging, has served to absorb labor. Workers in the tertiary industry accounted for 47.7 percent of the total workforce in 2020, up 4.4 percentage points from that of 2016, according to Gao Gao, an official from the National Development and Reform Commission.
China’s job market is also underpinned by the private sector. Vibrant market entities, especially the micro, small and medium-sized enterprises and self-employed businesses, provide 80 percent of job positions and create over 90 percent of new jobs in the country.