China's Q1 employment stability and social security fund growth underscore economic resilience

The employment situation in China remained largely stable in the first quarter of 2024, with the gross revenue of China's three major social insurance funds reaching 2.2 trillion yuan (about 300 billion U.S. dollars), said an official with the Ministry of Human Resources and Social Security on Tuesday at a regular press conference in Beijing.

China's three major social insurances are the basic endowment insurance for the old-ages, unemployment insurance and work-related injury insurance. In the first three months of this year, China saw the creation of 3.03 million new urban jobs, marking a rise of 60,000 compared to that of the corresponding period of last year.

In March alone, China's surveyed urban unemployment rate stood at 5.2 percent, marking a slight decrease of 0.1 percentage points year on year.

Speaking at the press conference, Chen Feng, deputy director of the Policy Research Department at the Ministry of Human Resources and Social Security, expounded on the situation of the major social insurance funds during the period.

"From January to March, the combined revenue of the three social insurance funds amounted to 2.2 trillion yuan, while the total expenditure reached 1.8 trillion yuan. By the end of March, the cumulative balance stood at 8.6 trillion yuan, indicating a generally stable operation of the funds," said Chen.

By the end of March, there were 1.38 billion social security card holders nationwide, equaling 98 percent of the population. Electronic social security cards were used by 986 million people. The number of people participating in the country's basic pension, unemployment insurance, and work-related injury insurance stood at 1.07 billion, 240 million, and 290 million, respectively. This marked an increase of 14.34 million, 4.49 million, and 5.58 million respectively compared to the previous year, according to the ministry.

China's Q1 employment stability and social security fund growth underscore economic resilience

A French student from the School of Chinese Language and Literature at Beijing Foreign Studies University recently called for more educational exchanges between the two countries.

During an interview with China Global Television Network (CGTN), Bouaoud Elies shared his experience living and studying in China.

After graduating from the business school at Beijing Foreign Studies University, Elies decided to stay in the country. He said he continues to study Chinese to improve his competitiveness and explore the huge trade opportunities between the two countries.

"I mean I love it here. I don't want to go back to France. I would like to become the bridge between France and China. So, if I can do this, thanks to the Belt and Road Initiative, the Silk Road, now the relations between France and China are very good. So, I think a lot of things will happen," he said.

Elies also said he hopes that more French students could visit China and develop a better understanding of the country.

France was the first major western country to establish full diplomatic ties with China, and the history of educational exchanges can be traced back more than a century and a half when China sent its students to France to study maritime affairs.

Since then, exchanges have deepened considerably.

"In China, we have established 14 French training centers. In France, we have established 19 Confucius Institutes. These institutions serve as bridges for mutual understanding and trust between the youth and people of the two countries, enhancing language and cultural connections," said Yang Dan, Director General of the Department of International Cooperation and Exchanges under the Ministry of Education.

French student calls for more educational exchanges with China