China has achieved a significant milestone in its employment strategy, creating 59.21 million new urban jobs by August 2023—surpassing its 14th Five-Year Plan (2021–2025) target of 55 million. Minister of Human Resources and Social Security Wang Xiaoping announced the progress at a press conference, highlighting stable employment as a cornerstone of economic and social stability.
Policy-Driven Growth Amid Challenges
Despite shifting domestic and global conditions, targeted policies have fueled job creation. Over 470 billion yuan ($66 billion) in employment subsidies and 138.9 billion yuan in job stabilization funds were distributed, contributing to an average urban unemployment rate of 5.3% over four years—below the 5.5% control target.
Social Security Reforms Expand Coverage
China’s social protection framework has strengthened, with national basic pension insurance now covering 1.072 billion people—a rise of 73 million since 2020. Coverage increased from 91% to over 95%, reflecting broader efforts to ensure economic resilience.
From Population to Talent Dividend
As demographic trends evolve, China is prioritizing upskilling. Subsidized vocational training has reached 92 million individuals, while 72 new occupations and 328 national standards have been introduced to spur innovation. The country now boasts over 80 million technical professionals and 220 million skilled workers, including 72 million in high-skilled roles.
Wang emphasized that this talent pool is critical for advancing technological self-reliance and modernizing industries, signaling a strategic shift toward sustainable, innovation-driven growth.
