China allocates 66.7 billion yuan for employment support in 2024

China has allocated 66.7 billion yuan (about 9.4 billion U.S. dollars) this year to support employment as the country steadily enhances its ability to secure livelihoods.

At a press conference in Beijing on Saturday, China’s Minister of Finance, Lan Fo’an, detailed the central government’s fiscal measures to strengthen support for key areas like youth employment and education.

“Since the beginning of this year, the central government has allocated 66.7 billion yuan (about 9.4 billion U.S. dollars) for employment support, helping local areas assist key groups like college graduates and improve vocational training. Besides, from January to September, education spending nationwide has exceeded 3 trillion yuan (about 425 billion U.S. dollars),” said Lan.

The country also faces challenges associated with an aging population. China’s population aged 60 and above reached nearly 297 million in 2023, accounting for 21.1 percent of the total.

Lan stressed that the government is committed to enhancing services for seniors, including an increase in basic pension. Already, subsidies for residents’ basic medical insurance have been improved.

“Basic pensions for retirees will be increased by 3 percent nationwide, greatly raising the minimum standard for basic pensions for both urban and rural residents. The annual fiscal subsidy for basic public health services will rise to 94 yuan (about 13 U.S. dollars) per person, and the annual subsidy for basic medical insurance for urban and rural residents will increase to 670 yuan (about 95 U.S. dollars) per person,” said the minister.

Hundreds of China’s international friends gathered in Beijing for the China International Friendship Conference on Friday, with many commending the country for its role as a responsible major power and expressing eagerness to learn about the ins and outs of its recent development.

Themed “Enhancing people-to-people friendship and building a community with a shared future for mankind”, the conference doubles as the event marking the 70th founding anniversary of the Chinese People’s Association for Friendship with Foreign Countries. It was attended by about 500 people, including the heads of friendship organizations and international friends of China as well as Chinese representatives.

The foreign guests also took the chance to learn more about the path toward and outcomes of China’s high-quality development from tours of the Beijing sub-center, specifically the Beijing section of the ancient Beijing-Hangzhou Grand Canal that has a new look now, and the Beijing City Library that blends knowledge with intelligent technologies.

“I’m really very much impressed by this Beijing administrative district, administrative center, because everything is completely new. What is the most impressive for me, this is the perspective, this is the sight to the future,” said Petar Stefanov Stoyanov, former President of Bulgaria.

“I like your government and your Communist Party as well. When you said that we have to build a community of shared future for mankind, it’s really that you don’t care just only (about) your people, but you care about the world. How can we live together peacefully, how can we develop through dialogue, through collaboration, friendship, rather than creating conflicts and wars,” said Bhokin Bhalakula, former deputy prime minister of Thailand and president of the Thai-Chinese Culture and Economy Association.

During the conference, Chinese and foreign guests exchanged views on deepening people-to-people friendship and building a community with a shared future for mankind, pooling strength for friendship, peace and development in the world.

“Every nation is unique and has its particularities. What’s the most important is that we respect one another and do not interfere in others’ internal affairs. So, we need to cooperate following the win-win principle. This is the most important principle. Only in this way can we cement our friendship,” said Yao Bloua Agbo, chairman of the China-Togo Friendship Association and former Togo ambassador to China.

“You are a peaceful people, a peace-loving people. If you come down to my part of the world and visit the Pacific islands, which are underdeveloped, you’ll see the influence there of China in a helpful way, trying to lift the standard of living of people who live in those economies, in those countries. I think China is doing a superb job,” said David Carter, former Speaker of the New Zealand Parliament and honorary chairman of the New Zealand China Friendship Society.