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

Japan's economy grew at an annualized real rate of 1.8 percent in the first quarter of 2026, revised down from the preliminary estimate of 2.1 percent, government data showed Monday.

Quarter on quarter, real gross domestic product (GDP), adjusted for inflation, expanded 0.45 percent in the January-March period from the previous three months, down from the initial reading of 0.51 percent, the Cabinet Office said.

In the reporting period, capital spending, the main factor behind the downward revision, contracted 0.7 percent from the previous quarter, compared with the initially reported 0.3 percent increase, due to weak investment in software and production machinery.

Meanwhile, public investment was revised slightly higher to a 1.5 percent gain from a 1.4 percent increase.

Private consumption, which accounts for more than half of Japan's GDP, expanded 0.35 percent in the quarter, revised up from 0.27 percent in the preliminary reading.

Exports rose 1.8 percent from the previous quarter, revised up from a 1.7 percent climb, while imports increased 0.4 percent, slightly below the initial estimate of 0.5 percent.

In nominal terms, Japan's GDP grew at an annualized rate of 2.5 percent in the January-March quarter, revised down from a previously reported 3.4 percent expansion.

Looking ahead, analysts warned that prolonged tensions in the Middle East could cloud Japan's economic outlook in the April-June quarter by fueling inflation, dampening private consumption, and disrupting petroleum and petrochemical supplies.

Japan's Q1 real GDP revised down to 1.8 pct