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China’s economic woes continued to mount in August, with youth unemployment jumping to 18.8% – the highest level this year. This upward trend highlights the difficulties Beijing faces in rejuvenating its economy and providing sufficient job prospects.
According to the latest figures released by the National Bureau of Statistics (NBS) on Friday, the unemployment rate among young people aged 16-24 not pursuing education increased from 17.1% in July, signaling continued challenges in the job market.
The youth unemployment rate had previously hit a staggering 21.3% in June 2023, leading officials to temporarily suspend reporting and adjust the metric’s methodology to omit students, altering the measurement’s scope.
The influx of approximately 12 million new graduates from Chinese universities in June exacerbated the country’s challenging employment landscape, likely playing a significant role in July’s pronounced increase in joblessness.
President Xi Jinping emphasized the urgency of addressing youth unemployment in May, declaring it a pressing national priority that demands immediate attention and strategic action.
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Unemployment for those aged 25-29 edged up to 6.9 percent in August from 6.5 percent in July, according to the NBS.
The unemployment figures for August come after authorities announced lacklustre data for retail sales and industrial production growth for the month.
“Adverse effects of current changes in the external environment are increasing, domestic demand is still insufficient, and the economy is still facing many difficulties and challenges in its continued recovery,” the NBS said in a previous statement.