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.

China allocates 66.7 billion yuan for employment support in 2024

China allocates 66.7 billion yuan for employment support in 2024

China allocates 66.7 billion yuan for employment support in 2024

China allocates 66.7 billion yuan for employment support in 2024

China allocates 66.7 billion yuan for employment support in 2024

International observers have welcomed the recent summit between Chinese President Xi Jinping and U.S. President Donald Trump, calling deepened China-U.S. cooperation vital for global stability and positive development.

Xi concluded a three-day state visit to the United States on Friday, where he and Trump reaffirmed their commitment to a constructive, strategically stable relationship guided by fairness, reciprocity, and mutual respect.

In separate interviews with China Central Television, leaders and experts from around the world underscored that efforts to find a proper way for major countries to coexist not only benefit China and the U.S., but also inject much-needed stability and positive energy into global peace and development.

"And having that framework [for cooperation built on the constructive China-U.S. relationship of strategic stability] rolled out between China and the U.S. is really important. We know that type of relationship works and it's successful. So we have to ensure that we see more cooperation between states on a global basis," said Catherine Ardagh, Minister of State at the Department of Justice, Home Affairs and Migration, Ireland.

"After 11 years, President Xi is the first Chinese president to visit the United States of America. [For] the number of takeaways in this visit we see, as far as the outcomes, there are more than eight outcomes -- around eight outcomes are there. The world is looking toward this historic meeting," said Tahir Malik, head of the Department of International Relations, the National University of Modern Languages in Islamabad, Pakistan.

"So this mutual collaboration and respect between the United States and China sort of sets a standard for stability, growth and development. Certainly, the joint collaborations that the two presidents have set up for continual communication, I think, will be important," said Richard A. Black, the Schiller Institute's representative at the United Nations.

"Strong message of President Xi: The biggest investment of China is friendship, is cooperation, partnership, and not armed -- peaceful solutions for actually the world's problems," said Zijad Becirovic, director of International Institute for Middle East and Balkan Studies in Slovenia.

"President Xi Jinping's emphasis about sincerity and communication, coexistence as well as effective communication, is timely and I think we are heading for a stable world when these superpowers speak like that and continue coexisting," said Fabian Mutale, political analyst from Zambia.

Xi's visit was at the invitation of U.S. President Donald Trump. It followed Trump's state visit to China back in May.

Xi’s U.S. visit boosts cooperation, world stability: international observers