A record fifth of Chinese youth were reportedly unemployed
Per CNBC
New data regarding the employment rate of Chinese people found that a fifth of its youth was reportedly unemployed. These came from the employment data around this age demographic in May.
It was reported that this was a new record for unemployed youth, according to the National Bureau of Statistics. This came as the total unemployment rate reached 5.2% in May for all ages in cities.
The unemployment rate for youth aged 16 to 24 was 20.8%. This comes as China's minimum legal working age, per China Justice Observer, was 16.
JLL Greater China chief economist and head of research Bruce Pang gave a statement regarding the country's economic growth. It was noted that the country could take two to three years to "shore up a slowing economic recovery."
Pang: “Switching to policy stimulus mode with large-scale easing measures would be the first imperative... But it could [take] two to three years to shore up a slowing economic recovery and regain a higher potential growth rate of over 6%,” he said, “with more balanced growth drivers and stronger internal impulse.”
It was recently reported that China is trying to incentivize good behavior by giving citizens with this rating travel discounts as rewards. Aside from individuals, the country also rewards companies by offering them cheaper loans.
The announcement was given by China's Ministry of Culture and Tourism as part of an extension its pilot to inject stimulus into its tourism sector. The new rewards are said to be given as it plans to widen its social credit system.
It was recently reported that China's population started shrinking in 2022 for the first time since 1960. This comes as 9.56 million babies were born in 2022 compared to the 10.62 million born in 2021.
The country had a total of 1.41 billion people at the end of 2022, which was 850,000 fewer than 2021.
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Other News:
- 'Best-behaved' Chinese citizens are now rewarded with cheaper travel and cheaper loans
- China's population started shrinking in 2022 for the first time since 1960
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