China vows better policy coordination to boost employment

China's top economic planner has said that the country will enhance employment-first policies and improve policy coordination in the second half of the year to boost employment.

The country will better coordinate its fiscal, monetary, financial, industrial, regional, and trade policies with employment policies to ensure a positive interaction between economic growth and employment expansion, according to a guideline issued by the National Development and Reform Commission (NDRC).

Although the country managed to reverse the downward trend of its economic growth and secure overall stability of employment in the first half of the year, the NDRC warned of uncertainties from the world's pandemic situation as well as economic and trade development, which may have unexpected impacts on employment.

The country vowed timely adjustments of its macro-policy stance in accordance with changes in the employment situation, according to the guideline.

The government will use proceeds from the special government bonds for COVID-19 control and special local government bonds to prioritize the support for projects that address inadequacies, and to stimulate employment. It will also foster the development of elderly and child care services, healthcare, and housekeeping industries, the NDRC said.