China's Ministry of Human Resources and Social Security, Ministry of Finance, and State Administration of Taxation have jointly issued Circular No 40 of 2024 on the extension of preferential policies to support enterprises and stabilize employment in China. One of the key measures is an extension of the reduced unemployment insurance contribution rate of 1% until 31 December 2025. The reduced rate policy was previously set to expire at the end of 2024.
Another important measure is the exten…