China has taken a multi-pronged approach to stabilise employment, scaling up support for fresh graduates, rural labor force, those in flexible employment and other key groups of jobseekers. China International Intellectech Group Co., Ltd. initiated a campaign to facilitate employment for fresh graduates this July. Thanks to this campaign, more than 1,300 companies in diverse sectors including computer software, finance and electronics have offered over 11,000 job openings.
The centrally-administered state-owned enterprise on human resource services forged cooperation with nearly 100 universities to hold exclusive campus recruitment activities in the first half of the year. During the same period, the company also organised 162 online job fairs, attracting around 41,000 enterprises to advertise 175,000 positions.
In order to encourage companies to hire young jobseekers, China has rolled out a subsidy policy for firms that hire young people who graduated from universities within the last two years, as well as candidates aged between 16 and 24 who have filed for unemployment. Effective till the end of this year, the policy will grant the companies a one-off subsidy of no more than 1,500 yuan (about 208.43 U.S. dollars) for each young jobseeker they hire.
As of May, the number of young people aged between 16 and 24 in China had exceeded 96 million, and over 33 million of them have entered the labor market.