SHANGHAI, SEPT 22 – Youth unemployment in China rose to 18.8 percent last August, the highest level this year, as the country struggles to stimulate a sluggish economy.
The unemployment rate among uneducated 16- to 24-year-olds rose from 17.1 percent in July, according to figures released by the National Bureau of Statistics (NBS) last Friday.
The closely monitored metric rose to 21.3 percent in June 2023, before authorities suspended production of figures and changed their methodology to exclude students.
Nearly 12 million students graduated from Chinese universities last June, increasing competition in an increasingly tough job market and likely explaining a sharp rise in unemployment in July.
President Xi Jinping said last May, overcoming youth unemployment must be considered an important priority in government policy.
Unemployment for those aged 25-29 rose to 6.9 percent last August from 6.5 percent in July, according to NBS.
The unemployment figures for August came out after authorities announced lackluster data for retail sales and industrial production growth for the month.
“The adverse effects of the 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 ongoing recovery,” NBS said in a statement earlier. – AFP
