(ECNS) - The National Development and Reform Commission, China’s top economic planner, will strengthen efforts to monitor and ensure job stability in key regions and sectors amid Sino-U.S. trade frictions, said a senior official.
Ha Zengyou, inspector of the NDRC’s Department of Employment and Income Distribution, said China has the confidence and capabilities to deal with impacts from trade tensions and is able to ensure employment stability.
China's economic growth will continue to provide more jobs, as data shows that 1 percent additional growth in GDP created 1.62 million new jobs in 2012 and 1.96 million in 2017, said Ha, adding that China’s economic expansion is now driven more by domestic consumption.
As long as China adjusts macro policies in a timely manner and expands domestic consumption and investment, it can cope with the impact of trade conflicts on employment, said Ha.
He noted that China still has a robust demand for labor as the working-age population has been decreasing year-by-year since 2012. Emerging service industries such as housekeeping and elderly care also create many opportunities for employees to change jobs.
Ha added that China has sufficient funds to counter the impact, with the balance in the unemployment insurance fund surpassing 560 billion yuan at the end of May, enough to guarantee support for employees affected by the trade tensions.
The NDRC said it will make it a top priority to ensure stable employment, strengthen organizational coordination, and accelerate the implementation of various policies and measures.