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China announces jobs programs for college grads
AP - 2 hours 24 minutes ago
BEIJING - China announced a series of measures Wednesday aimed at helping millions of recent college graduates find work amid the country's grim employment outlook and the deepening impact of the global financial crisis.
Chinese officials have warned in recent months that the slowing economy will severely affect employment prospects, with job seekers in the cities already outnumbering available jobs by two-to-one.
They are also concerned that widespread unemployment could spark protests threatening social stability and one-party communist rule.
One measure unveiled Wednesday at a meeting between Premier Wen Jiabao and the State Council, China's Cabinet, will offer subsidies or social insurance to graduates who work in rural villages, while those who take jobs in remote areas or with the military will receive state assistance to repay student loans.
The government will also offer incentives to companies that hire recent graduates, who will in turn be encouraged to start businesses with favorable tax and loan policies, the council said in a statement posted on a government Web site.
The council said that finding work for new college graduates should be one of the country's top priorities as it deals with "very severe employment circumstances."
The council also called on the country's universities to improve their job placement programs.
There were nearly 5.6 million university graduates in China in 2008, a figure expected to rise above 6 million this year, according to the official Xinhua News Agency.
The global financial meltdown has dealt a body blow to China's vital export industries, which account for 40 percent of the economy, causing thousands of factories making toys, shoes and cheap electronics to fold.
China's economic growth is expected to fall to about 9 percent this year, down from 11.9 percent in 2007.
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