2024-09-23 06:18:31
The Chinese economy is currently struggling with several problems. Unemployment among young people has now increased further.
According to official figures, unemployment among young people in China rose in August to its highest level since the beginning of the year. As the Chinese statistics office announced on Friday, the unemployment rate among 16- to 24-year-olds was 18.8 percent last month – after 17.1 percent in July. Youth unemployment is one of the biggest economic problems in the People’s Republic. In May, head of state Xi Jinping declared the fight against it an “absolute priority.”
The Chinese authorities had put youth unemployment at a record high of 21.3 percent in June last year – and then suspended the publication of this separate figure. In December, they then adjusted the calculation method – students are now excluded – and then released figures again.
The unemployment rate among 25- to 29-year-olds was 6.9 percent in August. In July it was 6.5 percent. However, the official statistical data only provide an incomplete picture of unemployment in the People’s Republic. For example, only urban areas are counted.
In addition to high youth unemployment, China is struggling with a serious crisis in the real estate sector and trade disputes with the West. The economic figures presented in recent weeks and months have repeatedly shown that the recovery of the Chinese economy is progressing only slowly after the end of the strict corona measures.