China's Ministry of Human Resources, NDRC, and Ministry of Finance hold video meeting to strengthen employment stabilization policies

China's Ministry of Human Resources, NDRC, and Ministry of Finance hold video meeting to strengthen employment stabilization policies

China's Ministry of Human Resources and Social Security (MOHRSS), the National Development and Reform Commission (NDRC), and the Ministry of Finance (MOF) recently held a video meeting to discuss and strengthen employment stabilization policies. The meeting, held on July 2, 2025, aimed to address the economic challenges posed by global uncertainties, including the potential impact of U.S. tariff policies under the Trump administration.

The meeting emphasized the need for coordinated efforts among the ministries to stabilize employment and mitigate the adverse effects of external economic disruptions. The MOHRSS, NDRC, and MOF agreed to work together to implement policies that support job creation, enhance social safety nets, and promote economic resilience.

The meeting comes at a time when the global economy is facing significant uncertainty due to the U.S. administration's aggressive tariff policies and other trade measures. China's recent fiscal stimulus plan, amounting to $400 billion or more, is a notable response to these challenges. However, the effectiveness of this stimulus in countering the "Trump effect" remains to be seen [1].

The meeting also highlighted the importance of addressing structural issues within the Chinese economy. The UBS report indicates that India's economy is in a structural slowdown phase, which suggests that similar challenges may exist in China. The meeting underscored the need for bold policy measures to tackle these long-term issues [2].

The video conference was a step towards aligning China's economic policies with its international trade and investment strategies. The ministries acknowledged the need for a comprehensive approach to deepen trade and investment relations with major economies, including the U.S. and India. This approach aims to ensure that China's economic policies are not only responsive to domestic needs but also resilient to external shocks.

The meeting concluded with a commitment to continue dialogue and cooperation among the ministries to implement the agreed policies effectively. The ministries also emphasized the importance of monitoring the global economic landscape and adjusting their strategies as needed.

References:
[1] https://m.thewire.in/article/economy/india-is-relying-on-hope-to-tackle-trumps-aggressive-tariff-policies
[2] https://www.koreaherald.com/article/10564954