Rising Youth Unemployment in China Reaches a High of 18.8%
This year, China saw its peak of youth unemployment in August, as per official numbers. The Chinese statistical agency revealed that the jobless rate for individuals between 16 and 24 stood at 18.8%, a rise from 17.1% in July. Addressing youth unemployment is one of China's major economic hurdles, with President Xi Jinping labeling it a top priority in May.
Although China documented a staggering 21.3% youth unemployment rate in June, they ceased sharing this figure later on. Come December, they revised their approach, omitting students from the calculation, and started disseminating numbers once more.
When it comes to individuals aged 25 to 29, the unemployment rate in August was 6.9%, up from 6.5% in July. However, the official stats paint a partial image of unemployment in China, as they only focus on urban areas.
Besides burdensome youth unemployment, China is also grappling with a severe crisis within its real estate sector and ongoing trade feuds with the Western nations. The progress of China's economy post-loosening of strict COVID-19 controls has been relatively slow, as suggested by recent economic indicators.
Despite the challenges, President Xi Jinping urged for increased efforts in fighting youth unemployment, recognizing its serious impact on China's economy. With the ongoing trade feuds and real estate sector crisis, engaging in a robust fight against unemployment becomes even more critical.
