The State Council executive meeting held on June 21 laid out measures to promote the sharing economy and private pension insurance, two important sectors for employment.

With employment as a top priority, the government has created 50 million new jobs for the urban population in the past four years.

According to a report from the International Institute for Management Development in Switzerland, China ranked first in terms of employment and national economy.

As an emerging sector, the sharing economy can create more jobs and dissolve excessive production capacity while optimizing scattered resources.

Statistics from the National Development and Reform Commission showed that 600 million people were engaged in the sharing economy in 2016, and 60 million people provided services.

Among the 60 million, many are flexible employees, a new pattern emerging in the sharing economy.

Changes in employment require different social security systems for individuals, Premier Li Keqiang said at the meeting.

Unlike traditional enterprises and employees, flexible employment needs a diversified pension system to ensure a stable future for everyone involved.

According to Premier Li, private pension insurance is both necessary and pragmatic to support the development of the sharing economy, which is conducive to an aging population and the new employment landscape.

As China’s society is undergoing profound changes, the decisions made at the meeting will continue to help maintain social stability with ensured employment and pensions.