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China – Government to introduce key measures to support employment

06 December 2018

China’s government will introduce a set of key measures aiming to boost employment, according to guidelines published yesterday by China’s State Council, the cabinet.

The guidelines stated that companies with no layoffs or few layoffs can get back 50% of unemployment insurance premiums that they paid in the previous year. For those with temporary production difficulties but with space to recover, the proportion will be bigger.

Small and micro enterprises will also have easier access to loans. The state financing guarantee fund, which aims to provide support for financing guarantee projects backed by local governments, will play an active role in supporting small and micro businesses.

China will also fully use state financing guarantees to support financing for start-ups. Eligible individuals and small businesses are allowed to apply for a loan of up to CNY 150,000 (USD 21,746) and CNY 3 million (USD 434,934), respectively.

The guidelines also stated that there will be government-subsidized training to equip the unemployed with vocational skills. Laid-off workers will also receive job training and other employment services.

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