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Working Together to Overcome the Impact of the Financial Crisis on Global Employment
Working Together to Overcome the Impact of the Financial Crisis on Global Employment Through Active Response and Strengthened Cooperation
Yin Weimin
Minister of Human Resources and Social Security of the PRC
Geneva, 15 June 2009
Mr. President,
At outset, I would like to express warm congratulations on the opening of the ILO Summit on Global Jobs Crisis. The summit has an important role to play in building consensus, strengthening confidence and deepening cooperation among countries in their response to the financial crisis and preventing the financial crisis into a global job crisis.
The ongoing international financial crisis has brought grave challenges to global employment. As the most populous developing country, China is also faced with the most serious employment difficulties in the new century. Employment has become a major
task in our effort to ensure economic growth, peoples livelihood and social stability. To this end, the Chinese Government has
promptly and resolutely adopted a stimulus package for steady and fast economic development, which gives higher priority to employment, and implemented a more active employment policy to promote job creation in an all-round way. First, expand domestic demand to promote employment. We have made employment an important objective of the RMB4 trillion($680 biliion) stimulus package, which is expected to generate 22 million new jobs in two years. Second, ease business burdens to maintain jobs. Enterprises in difficulty are allowed to postpone and reduce their payment of social insurance contributions. For those businesses making no or fewer job cuts, we provide social insurance and job subsidies as well as financial support for training programs. These measures are expected to retain 20 million jobs. Third, adopt more active employment policies. For enterprises to h
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