China: The youth unemployment rate of China is at a record level

-Galla S Kiran Kumar,Bureau Chief Telagana (Andhra Pradesh)

The latest statistics revealed that the unemployment rate among Chinese youth has increased significantly recently. In April, it reached a record level of more than 20 percent


Beijing: Although China says that they are advancing in many fields, reports reveal that unemployment there is gradually increasing. Recently, the highest unemployment rate has been recorded among the youth there. The local media has revealed that the unemployment rate of China’s youth has been recorded as 20.4 percent in April, which is unprecedented.

 Youth unemployment is when people between the age group of 16 to 24 years are ready to work but do not find work. The latest report of the ‘China Academy of Labor and Social Security’ has revealed the unemployment among the youth in China, which has recently come out of the Covid restrictions. It reached a record high of 20.4 percent in April. It was 19.6 percent in the previous month. However, since 2018, the government has been publishing statistics related to youth unemployment. While it was 11.2 percent that year, it reached 20 percent recently. Analysts predict that this is likely to increase further as more than one crore graduates will enter the job market after completing their studies in July.

Compared to other major economies, China appears to have high levels of youth unemployment. Especially in America, the average unemployment rate in 2022 is 8.1 percent. While it was 9.57 percent in the previous year (in 2021), in 2020 it was recorded as a maximum of 27.4 percent during Corona. In April this year, it was 6.5 percent. The youth unemployment rate in Hong Kong, Germany, South Korea and Japan is less than 7 percent. However, experts say that new entrants to the job market lack the necessary skills and low wages for those who are qualified are the reasons for youth unemployment.