Chinese companies have been laying off employees since 2023, aggravating an unemployment crisis among Chinese youth.
According to the Chinese Communist Party (CCP), the unemployment rate of urban youth aged 16 to 24 reached 20.4 percent in April.
One expert believes that while this figure could be far lower than the actual one, it is a dangerous signal.
According to the latest data from China’s National Bureau of Statistics, the urban youth unemployment rate exceeded 20 percent for the first time in April 2023, the highest point since statistics became available in January 2018.
The number of university graduates in China this year is 11.58 million, an increase of 820,000 year-on-year, essentially creating a situation of “unemployment upon graduation.”…