Page 12 - REPORT ON THE WORK OF THE GOVERNMENT

Stable employment has remained a key indicator of the economy operating
within the appropriate range. We worked hard to promote employment through

market-based and socially-oriented avenues and stepped up efforts to support
enterprises in stabilizing and expanding employment.
The ratio of enterprise contributions to basic old-age insurance was lowered
from 20 percent to 16 percent and the national social security fund was replenished

to expand its scale from 1.8 trillion yuan to over 2.5 trillion yuan.
We implemented policies on refunding unemployment insurance funds to
keep employment stable and granting training subsidies for job retention to
hard-hit businesses. To promote entrepreneurship and innovation nationwide, we

have held National Entrepreneurship and Innovation Week for eight consecutive
years, which racked up a cumulative participation of more than 520 million. We
encouraged job creation through business startups and strengthened protection of
workers’ rights and interests. New and flexible employment forms became an
important source of employment and income growth.

We took solid measures to ensure employment for college graduates,
ex-service personnel, and rural migrant workers. We used unemployment
insurance funds and other funds to support skills training programs. We carried
out a three-year action plan for expanding enrollment in vocational colleges and

upgrading vocational skills. This drive saw vocational colleges enrolling an
additional 4.13 million students and providing over 83 million training
opportunities. Employment is the cornerstone of people’s wellbeing and the
wellspring of wealth. It is truly remarkable that China, a big country with over 1.4

billion people, has kept employment stable, and such stability is a source of
tremendous creativity for our country.
Prices were kept generally stable.
We refrained from repeatedly increasing the deficit by a large margin in

response to shocks and printing an excessive amount of money. This created the
macro conditions needed for stabilizing prices. We redoubled efforts to bolster
agricultural production, ensured better linkage between production and sales and
managed reserves more effectively, and ensured a stable supply of agricultural
products, such as grain, hogs, and vegetables.

We promptly addressed shortages of coal and electricity to meet residential
and production energy needs. Smooth transportation and logistics were ensured.
Market oversight was strengthened to maintain price stability.

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