China unveils fresh initiatives aimed at boosting employment

China's leadership announced new measures to boost employment, state media reported on Wednesday, a day after Beijing unveiled a sweeping stimulus package to bolster its ailing economy.

The world's number two economy has struggled to sustain a highly anticipated recovery from the Covid-19 pandemic and analysts say the government's stated goal of five percent growth in 2024 is optimistic given the headwinds Beijing faces.

Those include a creeping debt crisis in the crucial property sector, prolonged deflationary pressure and high youth unemployment. Official data last week showed youth unemployment had risen to 18.8 percent in August, the highest this year.

State broadcaster CCTV published on Wednesday a set of opinions by the ruling Communist Party's Central Committee and State Council on "implementing the employment priority strategy to promote high-quality full employment".

They included more support for "college graduates and other young people", such as promoting better wages, training and opportunities for further study.

Policymakers called for more effective youth employment services, such as targeted career guidance and internships, as well as better assistance for graduates from poor families and "long-term unemployed youth".

The 24-point document also urged better protections for gig workers and the self-employed, as well as stronger guarantees on labour rights.

"Employment... concerns the vital interests of the people, the healthy development of the economy and society, and the long-term stability of the country," it said, according to CCTV.

China's central bank has announced a suite of rate cuts since Tuesday in a bid to promote consumption and investment and boost growth.

Analysts have said the widely anticipated move represents some of Beijing's boldest stimulus measures in years but still may not be enough to jumpstart the economy.