Main Topic: Chinese officials temporarily stop publishing the youth unemployment rate due to the need for refinement in calculation.
Key Points:
1. Youth unemployment in China has reached record highs, with the urban unemployment rate for people ages 16 to 24 hitting a record 21.3% in June.
2. The decision to withhold monthly data on youth unemployment has faced backlash online, with accusations of officials trying to bury bad news.
3. Young people in China face fierce competition for work, regulatory crackdowns on sectors where new graduates find jobs, and bleak prospects in major cities, leading to a high percentage of graduates returning to their hometowns.
### Summary
Millions of graduates in China are facing an increasingly difficult job market, with soaring youth unemployment rates and a slowdown in post-Covid economic recovery leading to a lack of job opportunities and increased anxiety among jobseekers.
### Facts
- Youth unemployment in China hit a record high in June, with 21.3% of people aged 16 to 24 being jobless.
- Graduates like Zhang, who has a psychology major, are struggling to find employment in their chosen fields despite sending out numerous job applications.
- The Chinese government recently decided to stop publishing age-related employment data, causing concerns about the true extent of youth joblessness.
- Inexperienced candidates attending career fairs in Beijing are finding it challenging to secure their first or second jobs, with employers mainly seeking staff for low-paying sales and administrative positions.
- The weak consumer demand and slower economic rebound after the Covid-19 pandemic have made companies reluctant to hire new employees.
- Companies that have survived the pandemic are now more selective in their hiring and prioritize survival over expansion.
- Some young jobseekers are facing difficulties due to limited development opportunities in certain industries and feel that government policies have not caught up.
- The Chinese government has introduced measures to boost consumption, such as large-scale festivals and sporting events, but more needs to be done to boost consumers' and employers' confidence.
- The insurance industry seems to have more job opportunities available, with many insurance companies looking to hire sales representatives.
- Despite the availability of positions in the insurance industry, job security and guaranteed income may be lacking.
### Emoji
💼
### Summary
Beijing is focusing on domestic consumption to offset low external demand.
### Facts
- 🏭 Beijing aims to boost domestic consumption to counterbalance weak foreign demand.
- 🌴 Shandong becomes the latest Chinese province to promote annual leave, despite being legally guaranteed, only 60% of Chinese workers take it.
- 📜 Beijing has recently released measures to encourage holiday and leisure spending.
China is facing a severe economic downturn, with record youth unemployment, a slumping housing market, stagnant spending, and deflation, which has led to a sense of despair and reluctance to spend among consumers and business owners, potentially fueling a dangerous cycle.
China's economy, which has been a model of growth for the past 40 years, is facing deep distress and its long era of rapid economic expansion may be coming to an end, marked by slow growth, unfavorable demographics, and a growing divide with the US and its allies, according to the Wall Street Journal.
A record number of Chinese graduates are facing difficulties in finding employment, with soaring youth unemployment and a challenging job market driven by the country's post-Covid economic slowdown.
China's youth unemployment rate has reached record highs, with many young people refusing to find jobs they deem unattractive, leading to the rise of "full-time children" who rely on family support, while others are forced into unstable and low-paying jobs in the platform economy; experts warn of the long-term impact on mental health and productivity.
China's decision to suspend reporting its July youth unemployment rate has sparked controversy and speculation that the government is trying to hide unfavorable statistics, particularly as young people in China face a dire employment situation due to the economic impact of COVID-19 and other factors.
China's economy is facing challenges, with youth unemployment at a record high, mismatched skills in the job market, and the risk of falling into the middle-income trap, jeopardizing President Xi Jinping's goal of turning China into a high-income nation.
China's economic problems are beginning to resemble Japan's long-lasting issues, as a real estate crisis, an aging population, surging youth unemployment, and high local government debts create a crisis of confidence, potentially leading to a "lost decade" of economic stagnation and deflation, while Japan shows signs of climbing out of its decades-long economic nightmare with rising inflation and a potentially optimistic outlook.
China's government is concealing economic figures and data, including youth unemployment rates, as experts believe it prioritizes stability over transparency, leading to concerns and doubts about the true state of the country's economy.
China's urban youth unemployment rate has risen to 21% as of May 2023, creating further challenges for the country amidst the Covid pandemic and impacting its economy.
China's economy has faced numerous challenges in 2023, including deflation and a property crisis, but another significant threat is the increasing number of wealthy individuals leaving the country, contributing to a brain drain.
US companies with significant revenue exposure to China are at risk due to the country's struggling economy, characterized by high youth unemployment rates and recent property defaults, according to Bank of America.
China's youth unemployment rate reaches a record high of 20.8 percent, indicating a struggling economy.
China's unsustainable economic model, official corruption, mismanagement, and destruction of human capital through the one-child policy will contribute to the country's collapse and hinder its rise as a global power.
Many migrant workers in China, who played a crucial role in the country's economic growth, are still facing uncertainty and financial struggles, with limited access to stable pensions and public services, highlighting the challenges in achieving social equality and "common prosperity" in the nation's economic transformation.
China's youth unemployment rate of 21.3% poses a significant problem due to its potential impact on economies and geopolitical relations, with factors such as the Hukou system, overeducation, and emotional toll contributing to the issue. Addressing the problem requires aligning education with job market needs, reducing the urban/rural divide, providing mental health services, and implementing social security for gig workers, as well as international collaboration.
Millions of young university graduates in China are struggling to find work amid the sluggish economy, prompting some to leave urban areas and seek success in rural regions of the country.
