The changed statistics method was ineffective
Increased 0.7%p compared to the previous month
Doesn’t seem to be facilitated in the short term
At a recent job fair in Beijing, a young man held a sign expressing his desperate need for employment. This incident starkly highlights the severity of the youth unemployment crisis that China is currently facing. / Jingjiribao
A recent study has found that the unemployment rate among Chinese youth ages 16 to 24 remains alarmingly high. In February, it recorded a staggering 15.3%. Even after excluding high school and college students from the statistical sample, there was still a significant distance from improvement. According to reports from media outlets, including Jingjiribao, citing the National Bureau of Statistics’ announcement on the 20th, the unemployment rate for Chinese youth aged 16 to 24 in February was 15.3%. Those aged 25 to 29 recorded 6.4%, and those aged 30 to 59 recorded 4.2%. The unemployment rate for youth aged 16 to 24 in February rose by 0.7% compared to 14.6% in January. The unemployment rate for those aged 25 to 29 in February also rose by 0.2% compared to 6.2% in January. The unemployment rate for those aged 30 to 59 rose by 0.1% compared to 4.1% in January.
After the youth unemployment rate hit a record high of 21.3% in June last year, the Chinese statistical authorities temporarily suspended the announcement of statistics for a full six months, from July to December, and excluded all high school and college students from the sample. In January, the Chinese statistical authorities announced unemployment statistics targeting job seekers only.
Excluding population sample is quite different from the standards set by the International Labor Organization (ILO), which defines international standards related to unemployment and labor indicators. Countries following the ILO’s standards classify high school or college students who work part-time or engage in job-seeking activities as employed or unemployed. Only students not looking for jobs are factored out from the calculation.
Despite changes in statistical methods by Chinese authorities, the youth unemployment rate is still at 14 to 15%, indicating that the economic downturn is persisting.
Naturally, the Chinese authorities are preparing disparate measures since they have set the current year’s growth target at around 5%. The Chinese authorities have even suggested creating over 12 million urban jobs. However, considering the number of expected college graduates this year has increased by 2% from last year to an estimated 11.79 million, achieving this goal seems uneasy. Competition in the job market is also expected to become fiercer.
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