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.

Closer media cooperation plays a crucial role in promoting cultural exchanges and enhancing mutual understanding between the two peoples, said President of Madagascar Andry Nirina Rajoelina.

Last month, Rajoelina led a delegation to visit China and attend the 2024 summit of the Forum on China-Africa Cooperation (FOCAC). During Rajoelina’s visit, China Media Group (CMG) and the Madagascar Radio and Television Office signed a memorandum of cooperation.

Rajoelina talked about the significance of media cooperation in an exclusive interview with CMG. “We always emphasize the importance of imparting skills and knowledge. Particularly in this exchange, I would like to highlight the cooperation agreement that has been signed and the importance of enhancing mutual understanding between the two countries through reporting, exchanges and news activities. This helps the Chinese people to have a deeper understanding of our country and culture, so this is extremely important,” he said.