FEATURES OF THE MODERN CHINESE MODEL OF THE LABOR MARKET AND ITS INFRASTRUCTURE
Abstract
The article considers the theoretical aspects of labor market formation in the People’s Republic of China. The role of the labor market in China’s economic growth is revealed. The peculiarities of the theoretical model of the Chinese labor market are established. It was found that the key characteristics of the Chinese labor market model are: a segmented labor market, covering three sectors – public, private and agricultural enterprises, and a unique system of household registration in China (hukou). The key problems of the Chinese labor market have been formed, each of which has its own reasons for the development of its institutional support. The necessity of reforming the state regulation of the Chinese labor market has been proved. The stages of development of the national employment policy in China for the period from 2002 to 2020 are systematized. The main political priorities for the development of employment policy in China are outlined, with the help of which the situation has significantly improved. The infrastructural support of China’s active national employment policy (AEP) has been studied. It is substantiated that the main positive effects characteristic of the modern Chinese labor market model are: stabilization of the high level of employment; gradual decline in unemployment; stable increase in the average wage in society; stabilization of mobility of rural labor in urban areas; improving the infrastructure of the labor market; increasing the role of human capital; changing the nature of work; strengthening the impact of technology on the destruction of low-skilled jobs and the creation of new decent jobs; increase productivity. At the same time, the negative effects characteristic of this labor market include: inconsistency of the supply of skilled labor and its demand; exacerbation of problems associated with the growth of informal employment; continued decline in the urban population; exacerbation of the problem of population aging. Emphasis is placed on the expediency of adopting the Chinese experience in building a new model of the national labor market and its infrastructure.
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