Premier Li urges measures to safeguard jobs and stabilise the economy as lockdowns impact businesses
BEIJING: Premier Li Keqiang of China has expressed concerns over the “complicated and grave” employment situation as the country imposes stringent lockdowns to control COVID-19 outbreaks. In a nationwide teleconference on employment, Li directed government departments and regional authorities to prioritise strategies aimed at helping businesses retain jobs and navigate through the ongoing economic challenges.
“Stabilising employment is crucial for people’s livelihoods and also provides key support for the economy to operate within a reasonable range,” said Li. He encouraged businesses to resume production with appropriate COVID-19 safety measures in place.
China’s leadership reaffirmed its commitment to the Covid-Zero strategy last week, despite a sharp decline in economic activity during April due to factory closures and widespread supply chain disruptions. The country reported 4,384 new COVID-19 cases on May 7, with Shanghai accounting for 3,975 of those. While the number of daily infections has decreased from over 4,000, the city remains under lockdown.
The financial hub of Shanghai announced that it would delay entrance exams for colleges and high schools until July. Meanwhile, several major manufacturers in the city are working to restart operations.
In Beijing, where 62 new cases were logged, authorities are working to prevent further spread of the virus. The Chaoyang district, home to numerous embassies and multinational corporations such as Apple and Alibaba, has ordered the closure of non-essential businesses like gyms and movie theatres to curb the spread.
Li also emphasised the importance of promoting the healthy development of internet platform companies, which play a significant role in supporting employment.
Additionally, Chen Yulu, Vice Governor of the People’s Bank of China, announced that the central bank would focus on stabilising growth and increase its support for the real economy. In an interview with Xinhua, Chen confirmed that authorities would assist smaller banks in boosting their lending capacity through the sale of perpetual bonds.
