Yao Jinbo, an NPC deputy and CEO of 58.com. [Photo provided to China.org.cn]

As China transitions from high-speed growth to high-quality development, stabilizing employment is crucial, according to Yao Jinbo, a deputy to the 14th National People's Congress (NPC), China's top legislature.

At this year's "two sessions," Yao, also CEO of China's online marketplace 58.com, submitted a proposal urging efforts to eliminate information asymmetry between supply and demand in the job market. 

He also called for equal access to basic public services and leveraging technological innovation to unlock the potential of the gig economy through government-enterprise partnerships.

China aims to create around 12 million urban jobs in 2023 and targets a surveyed urban unemployment rate of around 5.5%, according to this year's government work report.

However, a record 11.58 million college students are expected to graduate this year, about 820,000 more than last year, according to the Ministry of Education.

To address these challenges and meet the target, Yao suggested reducing or exempting social security contributions from enterprises, especially those that hire many fresh graduates.

He also called on the government to encourage the development of emerging industries and enterprises related to the digital economy and livestreaming through tax exemptions, fee reductions, loan increases, patents, and subsidies.

Yao also emphasized the importance of providing equal access to public services for all migrant workers, calling for efforts to ensure that the children of migrant workers enjoy equal education opportunities and access to government-subsidized vocational training programs.

To further improve the welfare of migrant workers, he suggested integrating rural pensions and medical insurance into the urban social security system. This would provide them with access to the same medical and health services as other urban permanent residents.