CHINA announced more measures Friday to support employment in the world’s second-largest economy, which is expected to shrink for the first time in four decades because of the COVID-19 outbreak.

China’s surveyed unemployment rate jumped in March to 6.2 percent, indicating headwinds for local consumption ahead.

China will speed up targeted tax cuts for firms, return more unemployment insurance premiums to companies that save jobs and subsidize small firms to hire college graduates with contracts longer than a year, the government said in a statement Friday.

The government will also accelerate the resumption of operations at key firms and projects, especially in manufacturing, construction, logistics and public services, according to the statement.

Small and medium-sized firms with few or zero layoffs could get back up to 100 percent of the unemployment insurance premiums paid in the previous year, the government said.

China will also help migrant workers to find jobs and support flexible employment, allow more street vendors and markets, stalls and other business outlets, it said.

Premier Li Keqiang said China would spare no effort to help small, medium-sized and private businesses to survive, adding that fiscal and monetary policies that have been rolled out should be aimed more towards small companies.

Small and private firms in China account for 80 percent of urban employment. (SD-Agencies)