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Labor boom prompts call for additional vocational training
November 14,2017   By:China Daily
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November 14, 2017 -- A technician of CRRC Qingdao Sifang Co Ltd, a high-speed train manufacturer, gives instructions to students at a vocational school in Shandong Province. (Photo/China Daily)
 
November 14, 2017 -- The labor market needs more vocational education to lift the number of skilled workers in China, experts said at a recent seminar.
 
According to the Ministry of Human Resources and Social Security, the working population in China will face a sharp drop to 700 million by 2050 from 911 million in 2015.
 
Such a drop is sparking the demand for vocational education and creating a profound market. At the seminar held by JP Morgan, experts addressed on the importance of vocational education.
 
"The speed of industrial upgrading is going beyond expectation," said Hao Jianbin, director of the Entrepreneurship and Employment Research Center at the Ali Research Institute. "It raised the salary for low-end labor and pushed the manufacturing factories (that) required less skills moving abroad."
 
He said it is not very likely the quantity of labor can increase in the short run. Hence the market needs to see more investment in human resources to train more skilled workers to make up for the shortfall.
 
According to Qianzhan Industry Research Institute's report, the market for vocational education in 2015 was 453.5 billion yuan ($68.3 billion), and the number is expected to double by 2020, creating a trillion-yuan market.