The 2024 class of university graduates in China is the largest ever, at 11.8mn. They are entering a labour market showing record youth unemployment.
Media reports, in summary, outline the cornering situation facing the oldies clinging on to power in the Politburo.
- Youth unemployment (16-24) hit 18.8% in August, near all-time high
- Less than 30% of firms hiring as many new grads as last year due to cost-cutting
- Key sectors for youth employment struggling:
- Property sector in crisis
- Tech and internet industry facing regulatory pressures
- Tutoring industry hit by crackdowns
- Government temporarily paused reporting youth unemployment data in 2023
- Resumed with new calculation method, excluding current students
- Rate climbed back up despite methodological changes
- Recent stimulus measures announced, but effectiveness questioned by some
- President Xi promises support for workers and poor families, details lacking
- Some estimates put real youth unemployment much higher, potentially up to 46.5%
- Employed youth facing gruelling work conditions due to employer leverage
Its not only in China where ageing politicians are out of touch with conditions facing younger people.
But China’s stimulus is in the news, now you know why the rush.
ps. China is in Monday, but from tomorrow its week-long holiday time: