August 25, 2022
2 mins read

China’s youth unemployment skyrockets

July’s high unemployment rate for youth aged 16-24 — up from a previous record high of 19.3 per cent in June — is largely due to an economic slump…reports Asian Lite News

The youth unemployment rate in China reached 19.9 per cent in July, according to the latest data released by the countrys National Bureau of Statistics.

That’s the highest since Beijing started publishing the index in January 2018, when the rate was as low as 9.6 per cent, VOA reported.

July’s high unemployment rate for youth aged 16-24 — up from a previous record high of 19.3 per cent in June — is largely due to an economic slump that China has been experiencing over the past few years, multiple China analysts said.

The economic downturn has been exacerbated by the Covid-19 pandemic and Beijing’s strict containment restrictions, including the ‘Zero-Covid policy’, which reduced exports and consumer spending, VOA reported.

“They’re reaping what they’re sowing at the moment, and what they’ve sown for the last two years has not been great for the job market,” said Zak Dychtwald, CEO of the Young China Group, a consulting firm that does market research on youth in China.

The market may be even more discouraging to recent graduates and other jobseekers than the official figures suggest, said Dorothy Solinger, a professor emerita at the University of California, Irvine, who studies unemployment in China, VOA reported.

“China’s unemployment statistics are notoriously wrong. I’m surprised they’re announcing that it’s this high now, but it makes me think it may be even higher,” Solinger said.

The pandemic “has made production and operation difficult, which has reduced the ability to attract jobs”, Liu Pengyu, the spokesperson of Chinaese embassy in Washington, said in an email.

“As the economy recovers and policies to stabilize employment, especially policies and measures to help young people find jobs, are strengthened, the employment situation on the whole will gradually improve and remain stable,” he added.

The Chinese public will probably demand that Xi Jinping does more to address the unemployment crisis, especially ahead of the upcoming congress, according to Li Qiang, founder of the New York-based NGO, China Labor Watch.

“This data may give him a wake-up call. This road is very difficult and will also affect the country’s political stability,” Qiang said, VOA reported.

ALSO READ: China beefs up its naval power

Previous Story

Shehbaz calls off trip to UK amid flood chaos

Next Story

How China accounts manipulate Uyghur discourse

Latest from -Top News

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel

EU prepares retaliation for Trump’s tariffs

The European Commission is assembling a fresh round of counter-tariffs aimed at US goods, adding to two existing lists of potential targets—one of which includes products that were hit by suspended tariffs

US, EU slam China’s war games near Taiwan

US President Donald Trump underscored the need to maintain peace in the Taiwan Strait, advocating for a diplomatic approach to cross-strait tensions while warning against the use of force The United States

£13.9 billion of R&D fund to boost innovation, jobs

Funding outlined to support transformational R&D in areas like life sciences, green energy, engineering and beyond More UK innovators like those developing treatment-transforming dementia tests or building world-leading testing facilities to power

OPEC+ accelerates oil output hikes

Despite the production boost, the group emphasised that future adjustments remain flexible and could be paused or reversed depending on market conditions. Eight OPEC+ nations have unexpectedly decided to accelerate their oil
Go toTop

Don't Miss

UAE-China Summit announced during ADGM’s China Roadshow

The UAE-China Summit presented by HSBC will mark 40 years

Wang Yi: The return of China’s foreign policy Czar

Wang Yi grasped the significance of the two centenary goals,