Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!
you are here: HomeNewsWorld

Chinese banks begin campus hiring to boost employment, 3 major lenders will induct over 40,000: Report

Four of the biggest banks in China have started their autumn campus hiring in August, instead of November.

August 26, 2020 / 03:08 PM IST

Banks in China have ramped up hiring despite shrinking earnings and increasing bad debts. Four of the biggest banks in China have started their autumn campus hiring in August, instead of November.

Industrial and Commercial Bank of China (ICBC), China Construction Bank Corporation, Bank of China Co and Agricultural Bank of China are the leading banks that have started hiring in a bid to boost employment in China, Bloomberg reported.

Companies and factories in China were brought to a standstill after the coronavirus outbreak swept through the country in January. Many lost their jobs or had their pay slashed.

While ICBC plans to hire 18,000 graduates in 2020, China Construction Bank will induct 16,000 individuals, the report said, adding that Bank of China will increase hiring by 15 percent to over 10,000.

Track this LIVE blog for all the latest updates on coronavirus pandemic

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

Agricultural Bank of China has already hired 4,500 individuals during the spring round, it said.

"Even though the big banks are facing pressure on their own earnings, they still need people to develop the business. Also, it is important for them to assume social responsibility," said Tang Jianwei, a Shanghai-based analyst at Bank of Communications Co’s research institute, as per the report.

Representatives for ICBC, AgBank, Construction Bank and Bank of China declined to comment, the report added.

Moneycontrol could not independently verify the report.

Beijing has been leaning on banks to boost the economy. China's central bank cut its benchmark lending rates by 25 basis points to 5.1 percent in May in a bid to lower borrowing costs and support the slowing economy.

The People's Bank of China (PBOC) also reduced one-year benchmark deposit rates by 25 bps. The central bank said the move would support the healthy development of the economy.

While China's economy shrank 6.8 percent in the first quarter, its first quarterly contraction in decades, it bounced back in the second quarter by posting a 3.2 percent growth.

China's gross domestic product (GDP) expanded 3.2 percent YoY in the second quarter of 2020, the country's National Bureau of Statistics (NBS) said.

The data showed that China's job market had also improved slightly in June, with the surveyed unemployment rate in urban areas standing at 5.7 percent, down 0.2 percentage points from the previous month.

Also read: Chinese economy bounces back; expands 3.2% as coronavirus curbs lifted

China's surveyed unemployment rate in urban areas stood at 5.7 percent in June, 0.2 percentage points lower than that of May, the data said. A total of 5.64 million new urban jobs were created in the first half of 2020, completing 62.7 percent of the annual target, it said.

Click here for Moneycontrol's coverage of the COVID-19 outbreak
Moneycontrol News
first published: Aug 26, 2020 03:08 pm

stay updated

Get Daily News on your Browser
Sections