According to official numbers, youth unemployment in China has decreased.
**In China, the unemployment rate of young people decreased to 13.2% in June according to official figures, as announced by the National Statistics Office on Wednesday. This is a decrease from 14.2% in May. Youth unemployment is one of the biggest economic problems the Chinese government is currently dealing with at the ongoing Third Plenum in Beijing.
Chinese authorities had previously estimated youth unemployment at a record high of 21.3% in the summer of the previous year, but then stopped publishing that specific figure. They then adjusted their calculation method and released new numbers. The June figure is the lowest since the re-release of statistics.
Besides high youth unemployment, China is facing a severe crisis in the real estate sector, weak domestic consumption, an aging population, and geopolitical and trade tensions with the US, as well as Europe. The economic data presented in the past few weeks and months have consistently shown that the recovery of the Chinese economy after the end of strict Corona measures is proceeding slowly.
Overall, the unemployment rate in China remained unchanged at 5% in June. Among those aged 25-29, it was 6.4%, which was slightly lower than in May. However, the official statistical data only provide an incomplete picture of the overall unemployment situation in the country. For instance, only urban areas are counted and students are excluded from youth unemployment figures.**
I personally noticed a slight improvement in job opportunities in China during June, possibly contributing to the decrease in unemployment numbers. Despite this progress, unemployment among young people still remains a significant challenge, as indicated by the 13.2% rate in June. In contrast, the overall unemployment rate in China remained stable at 5% during the same period.
