Youth Unemployment in China Hits 17.1 Percent, Highest Level This Year
In July, youth unemployment in China reached 17.1 percent, the highest level in 2024. With the country facing various economic challenges, including a struggling property sector and trade issues with the West, Chinese Premier Li Qiang has called for support for struggling companies. The National Bureau of Statistics reported a significant increase in joblessness among 16- to 24-year-olds, with competition in the job market intensifying due to a large number of recent university graduates.
President Xi Jinping has emphasized the importance of addressing youth unemployment as a top priority. While the overall unemployment rate for the workforce was 5.2 percent, the figures only reflect urban areas. In addition to rising unemployment, China is also seeing a decline in industrial production, real estate prices, and demand for bank loans.
On the international front, trade barriers imposed by the EU and the US are adding to China’s economic challenges. As the country navigates these issues, it faces a complex road ahead in sustaining economic growth and addressing youth unemployment.
© 2024 AFP