Startups a strong engine of job creation in 2020

Tracy Li
Startups have played an important role in invigorating the economy and driving employment in 2020 amid a difficult economic climate.
Tracy Li

Startups have played an important role  in invigorating the economy and driving employment in 2020 amid a difficult economic climate, according to online recruitment platform Zhaopin.com.

Newly established businesses in the January-September period accounted for more than 4 percent of new jobs, with each startup recruiting for an average of 7.3 positions.

Startups showed great vitality in job creation, and the number of jobs offered by a single enterprise increased from 3.2 in January to 5.6 in September, reflecting strong business growth.

The pandemic has led to more startups in online services and entertainment, as well as industries such as IT, communications, business services, media and sports, all of which have been significant job creators.

More than 80 percent of startups are small businesses with less than 100 employees and 75 percent are privately held.

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