National Telescope national telescope newspaper
China’s youth unemployment rate has surged to 18.8% in August, its highest level this year, posing significant challenges to the country’s economy ¹. This alarming rate applies to 16- to 24-year-olds not in education, marking a notable increase from 17.1% in July.
According to the National Bureau of Statistics (NBS), nearly 12 million students graduated from Chinese universities in June, intensifying competition in an already tough job market. President Xi Jinping emphasized that addressing youth unemployment is a “top priority” in May.
Key Unemployment Statistics:
- Youth Unemployment Rate: 18.8% in August, up from 17.1% in July
- Unemployment Rate for 25-29-year-olds: 6.9% in August, up from 6.5% in July
- Record High: 21.3% in June 2023, before methodology changes
The NBS noted that “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.”
This news comes amidst lackluster retail sales and industrial production growth data for August. As China struggles to boost its economy, the youth unemployment crisis remains a pressing concern.
