Posted on 08/09/2023 4:47:09 PM PDT by anthropocene_x
China’s newest entrants to the workforce have been struggling with a difficult job market for years, but since COVID, the situation has deteriorated dramatically.
In June, the unemployment rate for Chinese ages 16 to 24 hit a record high of 21.3%, according to China’s National Bureau of Statistics (NBS). That’s compared with a 4.1% unemployment rate for those ages 25 to 59.
The official statistics don’t paint a rosy picture, but the reality on the ground may be even worse, according to Peking University economics professor Zhang Dandan. Because China calculates its unemployment rate by including only people actively seeking work, as opposed to the U.S. where those available for work are also counted, Zhang believes the true unemployment rate could be as high as 46.5%.
Chinese youth have taken to “lying flat,” or doing the bare minimum and adopting a minimalist lifestyle, as a way to reject the societal pressure to overwork in China.
In its attempt to reduce the unemployment rate for college graduates, the Ministry of Education has warned that any college majors that have employment rates lower than 60% for two years in a row could be canceled.
(Excerpt) Read more at finance.yahoo.com ...
This is how revolutions start.
46.5? I was expecting 47.3.
Maybe. Or maybe lots of soldiers to invade Taiwan and bring the high male/female ratio into balance
Bkmk
A lot of these “lying flat” youth will not be eager to sacrifice their lives for a society which has little to offer them.
Yes and the Communists in China never thought it through that offspring with no siblings aren't going to risk their lives in war if they have no siblings to carry on the family name.
What are you defending if it's just you and no one else?
In the US I heard a guy who owns a Chinese restaurant retired because he wanted to spend less time with his family. 😁
True
This.
I suppose that it is trending even worse for the 6-12 year old factory worker demographic.
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