Forty years of fast economic growth has helped create hundreds of millions of jobs in China. But given that domestic economy is slowing down and global economy is under turbulence, stabilizing China's employment is a tough challenge and requires a systematical approach, based on Wang Jianhui, the general manager of R&D department at Capital Securities.

To stabilize employment, Wang said the first step is to keep existing businesses operating well. “The government should create an accommodated environment for operations of existing companies. So they can continue their operations and keep jobs,” he explained.

“Secondly, the government should be more innovative and creative to help more new companies to grow up a little faster. Then these new companies will create new jobs,” Wang continued.

Meanwhile, he stressed the importance of continuing education and training, saying that society should stick to skill training for laid-off employees.

“No matter how technologies develop, we will surely need to strengthen our continuing education and training system. We have some that have been laid-off from some obsolete industries. These laid-off workers need to be given more abilities to deal with new careers,” Wang cited.

Moreover, the expert advised the government to release firms' operation burden through abating some taxes, such as value-added tax and corporate income tax.

“Even though the new [tax] system will start next year, the private enterprises will take some burdens on social welfare and expenses. I think the government will cut some taxes from other parts, like value-added tax or corporate income tax. [To spend more on human resources and less on other things,] so that their burdens will more or less remain the same,” Wang told CGTN.

In the next ten years, Wang predicts that biochemistry, new materials and advanced manufacturing will be some of the areas that will promise the stabilization of labor market, just as what the e-commerce did in the past decades.

But he also mentioned that the decision makers should have a clear formulation about how to incorporate new technologies into the current job market.

“Then we have to think what kind of technology will be the best to serve for us – the workers can work less and get more pays or they can do more productive works instead of repetitive work,” Wang shared his opinion with CGTN.