By August 2023, the Chinese mainland has created 59.21 million new urban jobs since 2021, exceeding its 55 million target for the 14th Five-Year Plan period (20212025). At a recent press conference, Wang Xiaoping, minister of human resources and social security, highlighted how strategic policy support and evolving reforms have kept unemployment under control and strengthened social safety nets.
Key data driving these gains:
- Employment subsidies: Over 470 billion yuan distributed
- Job stabilization funds: 138.9 billion yuan in support
- Unemployment rate: Average 5.3% over four years, below the 5.5% target
Beyond job counts, the mainland has expanded its social protection framework. Pension coverage now exceeds 1.072 billion people5% higher than at the end of the previous five-year plan. As demographics shift, authorities are pivoting from a population dividend to a talent dividend, investing in vocational training and professional development.
Nearly 92 million people have received subsidized vocational skills training. The standardization of 328 national occupational standards and the introduction of 72 new occupations are fueling entrepreneurship and innovation. Today, there are over 80 million professional technical personnel and more than 72 million high-skilled workers nationwide.
This robust talent pool underpins the mainlands push for high-level technological self-reliance and a modern industrial system. For global entrepreneurs and tech enthusiasts, these developments signal new opportunities for collaboration, investment, and talent exchange.
Stable employment also supports broader economic and social stability, creating a positive feedback loop for businesses, young professionals, travelers, and digital nomads exploring markets across the G20. As the Chinese mainland navigates changing domestic and international landscapes, its focus on quality jobs and human capital may offer a model for other economies seeking sustainable growth.
Reference(s):
China creates nearly 60m urban jobs by August, exceeding target
cgtn.com
