These figures indicate the magnitude of the economic challenges facing China, which require urgent measures to revive the economy and create new job opportunities.
The unemployment rate among young people aged 16 to 24 who are not in education has risen from 17.1 percent in July, according to figures released by the National Statistics Office on Friday.
The expected unemployment rate index was recorded at 21.3 percent in June 2023, before the authorities stopped publishing it and modified their approach by stopping counting students.
About 12 million students will graduate from Chinese universities in June 2024, increasing competition in China’s job market where job seekers are already struggling.
This explains the sharp rise in unemployment rates in July.
In May, Chinese President Xi Jinping said combating youth unemployment should be a “top priority.”
The unemployment rate among those aged 25 to 29 rose from 6.5 percent in July to 6.9 percent in August, according to the National Bureau of Statistics.
The release of August unemployment figures comes after disappointing data on retail sales and industrial production growth, both of which slowed in the same month.
These indicators once again show the difficulties that Beijing faces in relaunching its economy in a sustainable manner despite the efforts made.
“The negative impacts of current changes in the external environment are intensifying, domestic demand is still insufficient, and the economy still faces many difficulties and challenges as it continues to recover,” the National Bureau of Statistics said in an earlier statement.
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