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