China enhances policy coordination to maintain macroeconomic stability

China improved policy coordination and took macro policy steps to enhance counter-cyclical adjustments, with the aim of maintaining the stability of employment, enterprise operations, markets and expectations, said Chinese Premier Li Qiang on Thursday.

Li made the remarks when delivering the government work report at the fourth session of the 14th National People's Congress in Beijing.

Li noted that by preparing for the worst while striving for the best, they not only maintained overall macroeconomic stability and secured new advances in high-quality development, but also significantly bolstered morale and confidence across society.

Li also highlighted that China will promote high-quality full employment.

He emphasized that the government will bolster support for employment through various policies and foster an employment-friendly growth model. The government will continue with current measures such as those on granting unemployment insurance premium refunds, social insurance subsidies and special loans, and increasing funding for work-relief programs.

Li further emphasized that the government will implement the initiative for creating more stable, better-quality job opportunities, support labor-intensive sectors and enterprises in keeping payrolls stable, nurture new occupations and jobs to serve emerging industries and industries of the future, and enable the service sector to play a greater role in job creation.

He noted that the government will draw up policies to facilitate employment for college graduates and other young people, increase support to stabilize employment among rural migrant workers, help ex-service members get resettled and find employment, and increase employment assistance for people facing difficulties in finding jobs. Policies will also be adopted to encourage people in flexible employment and new forms of employment to participate in social security programs.