China Economic Crisis, China is called the factory of the world, so why has the pace of development stopped? Know 5 problems which ruined the dragon – China unemployment to economic policy biggest problems in Beijing development – 2024-04-27 10:49:50

by times news cr

2024-04-27 10:49:50
Beijing: The pace of development of China, which is called the growth engine of the world, has slowed down. Economic growth is slowing down and its impact is also visible on employment. In such a situation, the question is what is the condition of jobs in China and how big is this crisis facing the country. This can be understood in five points. The first of these is record breaking unemployment. Unemployment in China is at record levels. Data for June last year shows that it was 21.3% among youth aged 16 to 24 in cities. To save face, China did not include in the next survey those youth who are looking for jobs while studying. Despite this, the unemployment rate in March this year was 15.3%.
The second big crisis in China is that of graduate youth. The crisis of youth studying in universities and graduates is more serious. To hide the situation, China does not release their unemployment data. According to a report, in 2020, 25.2% of the youth who graduated from university were unemployed. If we estimate today on the same basis, about one third of Chinese graduates are unemployed. The third crisis is why the youth are not getting jobs. The reason for this is that every year a large number of students are passing out from universities and vocational and technical colleges. Compared to their numbers, job opportunities are not being created. This year itself, approximately 1.25 crore graduates will be prepared, almost 10 times as compared to the year 2000. Two decades ago, the percentage of such youth among the unemployed was only 9, which has now increased to more than 70%.

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Are China’s own policies responsible?

To deal with the Asian Financial Crisis, China adopted a policy of spending on education. According to this, children should focus on studies instead of jobs, so that they can earn money in the market. Due to the one child policy, parents had money, so they spent it on their children’s education. But, due to this, admissions increased incalculably and many colleges and universities were opened.

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The reason for the increasing crisis in China is also the lack of employment after studies. Private institutes opened in China, in which admission was easy but this affected the quality of education. Chinese companies complain that the youth lack the necessary skills. More admissions are taking place in such subjects which have less demand in the industry. The youth are now becoming more qualified. The remaining gap has been filled by China’s declining economic growth.

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