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Youth unemployment in China jumps to 17.1% in July

Youth unemployment in China ticked up to 17.1% in July, official figures showed, the highest level this year as the world’s second-largest economy faces mounting headwinds.

China is battling soaring joblessness among young people, a heavily indebted property sector and intensifying trade issues with the West.

Chinese Premier Li Qiang, who is responsible for economic policy, called Friday for struggling companies to be “heard” and “their difficulties truly addressed,” according to the state news agency Xinhua.

The unemployment rate among 16- to 24-year-olds released Friday by the National Bureau of Statistics (NBS) was up markedly from June’s 13.2%.

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ravhall ,

Too many people. Not enough jobs. Too many people not able to retire.

Dkarma ,

Lol, imagine not being a boomer and thinking you get to retire

ravhall ,

Yeah… my retirement plans are a bullet once I get too old to pay for rent.

Magister ,
@Magister@lemmy.world avatar

And also no women for a lot of young men. Only way is to put all those young unemployed men in the army, and start a war somewhere, Taiwan first. Unfortunate…

ravhall ,

They’ll probably force women to marry at some point.

Buffalox ,

The Chinese economy has been astonishingly successful. What has it been? 4 decades of constant growth?
I must admit I was beginning to think China had found some magical golden model, and their economy had become unstoppable.
I wonder if the way they calculate unemployment rate is comparable to most western countries? If so 17.1% is surprisingly high IMO.

The closely watched metric peaked at 21.3% in June of 2023, before authorities suspended publication of the figures and later changed their methodology to exclude students.

I think most countries do this, as a students main job is considered to be studying.

Lost_My_Mind ,

When I read the headline, I thought they meant actual youth. Like 7 year olds. Not 20 year olds…

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