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SOEs boost job markets in BRI economies

Updated: Dec 28,2018 4:02 PM

Central State-owned enterprises of China are stimulating job markets of economies involved in the Belt and Road Initiative, as a growing number of them are enhancing their employment mechanisms aside from increasing job opportunities, an industry report reveals.

The report, namely Research Report on Overseas Social Responsibility of Central Enterprises, was co-released by State-owned Assets Supervision and Administration Commission of the State Council and Chinese Academy of Social Sciences on Dec 27.

It evaluates SOEs’ efforts in carrying out overseas corporate social responsibility activities based on 72 surveys collected from 96 SOEs.

According to the report, 96 percent of SOEs surveyed have specialized mechanisms to guarantee employment equality for local and Chinese staff, 76 percent of them have policies to guarantee equal access to promotions, and 75 percent of them have systems to ensure they enjoy equal opportunity for welfare.

“Their efforts are a great contribution to local job markets and economic growth. With local hires accounting for up to 90 percent of employees at some central SOEs, cross-cultural communications can be a challenge to management,” said Zhong Hongwu, a director for CSR research at Chinese Academy of Social Sciences.

He further said many SOEs have set up communication departments, which were a lot fewer in number in the past. “Now more of these companies have come to realize that insufficient communication can drag down business performance, especially in a multicultural environment,” he said.