1 Nov 2012 – AAP –
The Chinese labour force is expected to benefit from a raft of new collective-bargaining rights with the transition of China’s leadership, The Australian Financial Review reports.
According to the newspaper, state-sponsored think-tanks have been asked by the government to formulate policies covering wage negotiations and a rise in the tax-free threshold in an effort to improve income inequality.
China Centre for International Economic Exchanges spokesperson Xu Hongcai said the nation’s wealth gap was identified as the most pressing issues facing the central government.
“China’s economy is at a turning point and there needs to be long-term reform,” he said.
“We need to increase the income of workers and reduce the return for investors.”
According to the newspaper, the labour policies are expected to be announced around March next year by prospective president Xi Jinping.
Mr Xi is widely tipped to replace current Chinese President Hu Jintao after the nation’s official Communist Party Congress to be held in two week’s time.