China’s city youth unemployment disaster
China is facing a growing list of problems — real estate, semiconductor bans and labor market gyrations.
The world’s second-most populous country also has a major youth unemployment problem.
China’s urban youth unemployment rate has risen to 21% as of May 2023, up from 15.4% two years earlier.
“Let’s not forget about the draconian lockdown measures,” says Fang Xu, urban sociologist at the University of California, Berkeley. “The young people are still recovering.”
This comes as the world’s second-largest economy faces a tougher time getting out of the Covid pandemic than many experts estimated, which has broader impacts on the ability of investors to put money to work in the country, and the struggling property sector.
Watch the video above to learn more about China’s urban youth unemployment picture and how the world’s second-largest economy is responding.