China's Youth Face Diminished Prospects Amid Slowing Economy
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China's millennial and Gen Z workers grew up during a time of economic boom, but now face diminished career and economic prospects due to the country's slowing economy.
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Small businesses struggling after COVID lockdowns, defaults in the property development sector, and record youth unemployment rates are all contributing to pessimism among young Chinese workers.
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There is an oversupply of recent university graduates competing for fewer jobs being created. Policymakers have tried subsiding companies that hire and train graduates, but youth unemployment remains high.
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The regulatory crackdown on tech and education companies last year disproportionately impacted younger workers, contributing to the gloominess.
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Faced with limited opportunities, some young Chinese are "lying flat" by dropping out of the rat race, accepting slower career advancement or even unemployment.