China aims to produce 50m new jobs by 2020

Retirement is estimated to create up to 4.8 million vacancies per year

China will provide preferential policies and job training programs to targeted groups in order to hit a goal of producing 50 million new jobs by the end of 2020.

As part of efforts to keep the unemployment rate below 5 percent each year, the government will help targeted groups land jobs, especially college graduates and workers laid off due to overcapacity, according to guidelines released by the State Council on Monday.