The Minister of Human Resources and Social Security, Wang Xiaoping, specified that the average urban unemployment rate in the last four years remained at 5.3 percent, below the expected target of 5.5 percent.

He stressed that the central government prioritized labor stability through support policies that mobilized 470 billion yuan (64.8 billion dollars) in employment subsidies and 138.9 billion yuan (19.16 billion dollars) in compensation for labor stability.

Wang pointed out that the social security system was strengthened with the national unification of the basic pension insurance for urban employees, which now covers 1.072 million people.

He added that the accumulated funds of the three major social insurances reached 9.81 trillion yuan ($1.35 trillion), with a total revenue and expenditure volume of 69.27 trillion yuan ($9.55 trillion) since 2021.

He stressed that China is driving the transformation of the demographic dividend into human capital, with more than 80 million technical professionals and 220 million skilled workers, including 72 million highly skilled talents.

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