Wednesday, June 19, 2024
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There are approximately 20 million Chinese citizens between the ages of 16 and 24 who are currently unemployed in cities and towns. This represents a significant portion of the 107 million urban young people in the country. The employment crisis in China has been exacerbated by the economic downturn and layoffs at top companies operating in the country. The youth unemployment rate reached a record high of 18.2% in April, an increase from 15.3% in March. The negative consequences of China’s Covid-related restrictions have also contributed to a decline in revenues of nearly 10%.

This employment crisis is the worst that China has faced in more than 40 years and is a major concern for the Communist Party.

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