The new measures announced by the State Council on Friday are part of China’s broader drive to create a community The single national market By removing barriers to the free flow of capital and talent.
In China, social insurance costs are shared between employers, employees, and the government, depending on the type of coverage.
In the past, many employees were not eligible for social insurance programs and benefits – such as pensions and medical coverage – because their families were registered in another jurisdiction.
Peng Peng, CEO of the Guangdong Reform Association, said the nationwide change will have wide-ranging effects, from promoting urbanization and the real estate market, to helping create a national market and even freeing up some consumer spending power.
