**China’s Youth Unemployment Crisis Deepens as Officials Halt Reporting**
*By [Your Name]*
Introduction
China’s youth unemployment rate has reached record levels, causing concern among Chinese officials and economists. After three months of reporting record-breaking unemployment rates for young people, the Chinese government has decided to temporarily halt the release of data on unemployment among urban individuals aged 16 to 24. This decision comes as officials want to further optimize their measurement methods and determine whether students actively seeking employment before graduation should be included in labor statistics. The most recent data revealed that the unemployment rate among Chinese youth aged 16 to 24 had soared to 21 percent, the highest on record. This alarming figure is expected to worsen, as approximately 12 million graduates enter the workforce. It is clear that China’s government is facing a major crisis with regards to youth unemployment.
Causes of Youth Unemployment in China
There are several factors contributing to the rising youth unemployment crisis in China. The construction and manufacturing sectors, which heavily rely on younger migrant workers, are struggling due to the country’s housing crash, weak domestic consumption, and slow foreign trade. Furthermore, the country’s tech sector, which typically hires college graduates, has also seen a decline in hiring after facing increased regulatory scrutiny in recent years. These challenges in the job market have created a difficult environment for young jobseekers in China.
Government Support and Subsidies
In response to the youth unemployment crisis, Chinese officials are offering support and subsidies to companies to incentivize them to hire young graduates. Additionally, efforts are being made to encourage young jobseekers to consider employment within the country. However, even with these measures in place, the official stance remains pessimistic. Chinese President Xi Jinping’s suggestion that young Chinese individuals may have to “eat bitterness” in order to achieve success has drawn outrage on social media. Additionally, a university president urged graduates not to aim too high or be picky about work, further highlighting the challenges faced by young jobseekers in China.
Inaccurate Data on Youth Unemployment
While it is clear that the youth unemployment crisis is a pressing issue in China, there are concerns that the country’s official data may not accurately reflect the true extent of the problem. Some Chinese economists argue that the current measures likely underestimate unemployment rather than overestimate it. For instance, China sets its employment threshold too low, counting individuals who work just one hour a week as employed. This poses challenges in accurately capturing the number of unemployed individuals, particularly those working in the gig economy or as migrant workers. Moreover, there are young Chinese individuals who voluntarily withdraw from the labor market, known as “lay flat” individuals, who are not included in most measures of unemployment. Estimates suggest that if these factors were taken into account, the youth unemployment rate in China could rise as high as 46.5 percent.
Worsening Economic Outlook
The declining state of China’s economy adds to the complexity of the youth unemployment crisis. Recent statistics reveal that China’s economic growth is slowing, with industrial production and retail growth falling below expectations. The People’s Bank of China reported a significant decrease in new loans offered in July, indicating a decline in investment opportunities. Additionally, trade has also taken a hit, with exports in July dropping by 14.5 percent compared to the previous year. These negative trends indicate a worsening economic outlook for the country.
Lack of Transparency and Suppression of Bad News
There are growing concerns about the lack of transparency in China’s economic reporting. The government has suspended the publication of poorly performing metrics, such as consumer confidence, and there are allegations of pressure being placed on economists, analysts, and commentators to refrain from spreading negative news about the Chinese economy. This has resulted in the use of euphemisms and evasive language to downplay risks and challenges. The suppression of bad news can have long-term consequences, as it hinders the effective analysis and understanding of economic issues.
Conclusion
China’s youth unemployment crisis is a grave concern for the country’s government and economists. The decision to halt the reporting of youth unemployment rates reflects the need for further optimization of measurement methods and the inclusion of students actively seeking employment. The causes of youth unemployment, including the struggles of the construction, manufacturing, and tech sectors, are exacerbating the problem. The government’s efforts to provide support and subsidies to companies and encourage young jobseekers are met with skepticism, and there are concerns about the accuracy of the data being reported. The worsening economic outlook and lack of transparency further compound the challenges faced by young jobseekers in China. It is crucial for the government to address these issues effectively and implement measures that will alleviate the youth unemployment crisis.
*Summary: The article discusses China’s youth unemployment crisis, highlighting the decision to halt reporting on youth unemployment rates and the causes behind the escalating problem. It also delves into the government’s efforts to address the crisis and the challenges tied to inaccurate data, a deteriorating economic outlook, and lack of transparency. The article concludes with the need for effective measures to alleviate the youth unemployment crisis in China.*
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After three months of record-breaking youth unemployment, Chinese officials have decided to stop measuring youth unemployment.
The country’s statisticians will do it temporarily pause releasing the unemployment rate of urban people aged 16 to 24 to “further optimize,” a spokesman for the National Bureau of Statistics said Tuesday.
The office said it would like more research on “whether students who are looking for a job before they graduate should be included in labor statistics”.
Among the 16 to 24 year olds it was 21 percent unemployed A record high followed in June records set in the previous two months.
And the July data, had the bureau released it, would likely have been worse, as an estimated 12 million graduates are entering the workforce. (China’s overall urban unemployment rate — which the bureau released on Tuesday — was 5.3% in July0.1 percentage points more than in the previous month).
Youth unemployment is now a big crisis for China’s government.
Construction and manufacturing, both sectors that hire younger migrant workers, are struggling due to China’s housing crash, weak domestic consumption and sluggish foreign trade.
The country’s tech sector, which typically hires many of China’s skilled college graduates, is also slowing hiring after years of regulator crackdown.
Chinese officials are offer now Support and subsidies to encourage companies to hire young graduates and to encourage younger jobseekers to consider employment in the country.
But even the official line is pessimistic. Chinese President Xi Jinping has drawn outrage on social media for suggesting that young Chinese may “eat bitterness“- a slang term that suggests going through hard times to be successful.
And the president of a Chongqing-based university urged its 9,000 graduates in June “not to aim too high or be picky about work,” the statement said New York Times.
Wrong data
Some Chinese economists agree that the country’s youth unemployment data is wrong – but that current measures are likely to understate unemployment, not overstate it.
In a common article Earlier this year, Wang Mingyuan, a researcher at the Reform and Development Institute of Beijing, a think tank, pointed out that China sets its employment threshold too low — just one hour a week — and has trouble counting both migrant and non-migrant workers who work there the gig economy.
Last month, Zhang Dandan, an economics professor at Peking University, estimated that the country’s youth unemployment rate could rise be as high as 46.5% if you include them “lay flat“: Young Chinese who have voluntarily withdrawn from the labor market. (Most measures of unemployment not include those who are not actively employed)
Not even Beijing trusts the data, according to education authorities exploratory universities to ensure they don’t ask graduates to lie about their employment status.
Stop talking about bad news
In general, China’s economic upswing is rapidly losing momentum.
This was reported by the statistics office on Tuesday Growth below expectations in industrial production and retail.
This is based on the people’s credit data Bank of Chinathe country’s central bank is reporting this $47.8 billion New loans were offered in July, down 89% from the previous month and just over half the amount offered a year ago.
Trade is also down with exports in July down 14.5% Year for year.
Beijing has already suspended a poorly performing metric. In March, the Statistics Office stopped publishing its measure of consumer confidence.
Authorities have too stuck on outgoing data streams and mugged Due diligence and expert network firms, sometimes for national security reasons.
Officials are too allegedly Pressure is being put on economists, analysts and other commentators not to spread bad news about the Chinese economy, forcing them to use euphemisms like “subdued inflation” instead of talking about the risk of deflation.
Lawyers are urged to talk about how China’s economy is “evolving” rather than experiencing “adverse changes,” the reports Wall Street Journal.
Regulators “wanted us to take bad news on the positive side,” said a central bank adviser Financial Times.
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