China aims to create 1.5 mln jobs in electronics and IT industry
China is announcing one after another stimulus packages to boost the economy and gain its previous momentum of double digit growth rate.In its latest announcement , authorities says that they are planning to create 1.5 million job in electronic and IT industry.
How China will do that is a big question, the demand from the export market is declining day by day and news from the home demand market is not encouraging.
China, the world's biggest manufacturer of electronics and information technology (IT) products, said Wednesday it will boost the industry's development to create more than 1.5 million new jobs in three years.
The electronics and IT sector is expected to contribute at least 0.7 percentage points to China's annual gross domestic product (GDP) growth from 2009 to 2011, compared with 0.8 percentage points last year, according to a document approved by the State Council and published on the government Web site.
That will provide new jobs for nearly 1 million college graduates, which are included in the total 1.5 million targeted vacancies, said the document.
China's electronics and IT products sales surged at an average annual rate of 28 percent from 2001 to 2007, but slowed sharply to 12.5 percent last year amid the economic downturn.Sales in 2008 totaled 6.3 trillion yuan (920 billion U.S. dollars), with exports reaching 521.8 billion U.S. dollars, or 36.5 percent of the country's total export value.
The government announced a support plan for the industry in February. The Wednesday document made clear details of the plan.The government will boost the industry by increasing state investment, credit support and export tax rebates, said the document. It also pledged to expand the domestic market for the industry and encourage innovation and restructuring.
Revenues from software and information service sectors will take up 15 percent of the industry's total, up from the current 12 percent.