China's Youth Unemployment Soars to Record High, Straining Economy

China's youth unemployment rate hit a record high of 21.3% in June 2022, prompting the government to stop publishing the data.
Key industries like education, real estate, and technology that previously offered jobs to graduates have declined.
Low-skilled service jobs in hospitality, security, delivery, etc. are also scarce, limiting options for non-graduates.
Local governments are strained as revenue from land sales and taxes drops, forcing cuts in pensions and welfare.
Weak employment, public revenue, and demand create a vicious cycle undermining China's economy.

theguardian.com

Relevant topic timeline:

8/21/2023

China's fiscal revenue slows as economy struggles

### Summary China's fiscal revenue rose 11.5% in the first seven months of 2023, but at a slower pace than the previous six months, indicating a loss of economic momentum. ### Facts - 💰 China's fiscal revenue increased by 11.5% in the first seven months of 2023. - 💸 Fiscal expenditure grew by 3.3% to 15.2 trillion yuan ($2.10 trillion). - 📉 In July, fiscal revenue only rose 1.9% year on year, slower than the previous month's increase. - 📉 Fiscal expenditure fell 0.8% in July, narrowing the decline compared to the previous month. - 🌍 China's economy grew at a sluggish pace in the second quarter due to weak demand domestically and internationally. - 📉 The consumer sector in China experienced deflation in July, with analysts predicting persisting price stagnation for the next six to 12 months.

8/21/2023

China's fiscal revenue slows as economy struggles

China's fiscal revenue increased by 11.5% in the first seven months of 2023, but the growth rate was slower than the previous six months, indicating a potential decline in the economy's momentum.

8/24/2023

Lottery Market in North America is to grow by USD 50.25 billion from 2021 to 2026

The lottery market in North America is expected to grow by USD 50.25 billion from 2021 to 2026, driven by new launches and the integration of artificial intelligence (AI), although security and credibility issues remain challenges.

8/30/2023

Consumer spending in China bounced back in August, survey finds

Consumer spending in China rebounded in August, with all categories, including apparel, automotive, food, furniture, appliances, and luxury, experiencing increased sales compared to July, according to a survey by the China Beige Book. Retail sales in July rose by 2.5% year-on-year, raising concerns about China's economic growth, but the August survey showed a surge in spending, particularly in the services sector, which saw continued strength in travel and hospitality. Additionally, corporate borrowing increased as the cost of capital declined, indicating a boost in business activity. However, China's property sector continued to worsen, with house prices barely growing and home sales declining.

9/30/2023

Lottery Ticket Sales in China Surge Amid Youth Unemployment Woes

China's lottery ticket sales surged in August, reaching a record high for the year, potentially indicating growing economic concerns among young people.

10/16/2023

Chinese Box Office Hits Record High as Women Flock to Domestic Films

China's movie theaters have experienced record-breaking box office receipts over the past few months, with ticket sales reaching 23.44 billion yuan ($3.2 billion) between June and September and a majority of the viewers being young women, providing a rare bright spot in the country's struggling economy and offering escapism during tough economic times.

Topics

Posted 9/17/2023, 11:16:00 PM

China's Youth Unemployment Soars to Record High, Straining Economy

China's youth unemployment rate hit a record high of 21.3% in June 2022, prompting the government to stop publishing the data.
Key industries like education, real estate, and technology that previously offered jobs to graduates have declined.
Low-skilled service jobs in hospitality, security, delivery, etc. are also scarce, limiting options for non-graduates.
Local governments are strained as revenue from land sales and taxes drops, forcing cuts in pensions and welfare.
Weak employment, public revenue, and demand create a vicious cycle undermining China's economy.

theguardian.com

Relevant topic timeline:

8/21/2023

China's fiscal revenue slows as economy struggles

8/21/2023

China's fiscal revenue slows as economy struggles

China's fiscal revenue increased by 11.5% in the first seven months of 2023, but the growth rate was slower than the previous six months, indicating a potential decline in the economy's momentum.

8/24/2023

Lottery Market in North America is to grow by USD 50.25 billion from 2021 to 2026

8/30/2023

Consumer spending in China bounced back in August, survey finds

9/30/2023

Lottery Ticket Sales in China Surge Amid Youth Unemployment Woes

China's lottery ticket sales surged in August, reaching a record high for the year, potentially indicating growing economic concerns among young people.

10/16/2023

Chinese Box Office Hits Record High as Women Flock to Domestic Films