China eyes entrepreneurship and innovation for stable employment

BEIJING - China will encourage entrepreneurship and innovation in an effort to create more jobs and stabilize employment, said Xin Changxing, vice-minister of the Ministry of Human Resources and Social Security, during an online interview on Tuesday.

China's State Council, the country's cabinet, rolled out specific measures on employment and entrepreneurship last month, which underscored pressure in the job market and urged proactive employment policies to be implemented.

The new employment policy better integrates entrepreneurship with employment, Xin said. In general, the threshold of starting up a business has been lowered and more platforms will be supported for entrepreneurs.

Finance channels will be further extended, related taxes and fees will be reduced, and various groups including scientific researchers, college students and rural labor force are encouraged to start up their own businesses, he said.

Xin specifically talked about employment of college graduates. The government will encourage them to pursue careers in rural areas, and support small business creation by providing guidance and favorable policies.

Employee's social insurance will also be subsidized for small and medium-sized enterprises that hire college graduates.

The number of college graduates that registered start-up businesses at the industry and commerce department in 2014 reached nearly 480,000, up 33 percent from the previous year, Xin said.

The Chinese government has pledged to create more than 10 million urban jobs and ensured that the registered urban unemployment rate does not rise above 4.5 percent in 2015, according to a government work report unveiled in March.