Why Does China Have A Youth Unemployment Crisis?

Flip_flop_politics
Published on Sep 19, 2021
Link: https://www.youtube.com/watch?v=6sTfEJxm260
Are you a young person looking for a job in China? Good luck getting one. The Chinese economy is dealing with a youth unemployment crisis.

China is producing more graduates than ever before. Around 9 million Chinese students are graduating each year, but the economy isn't producing enough jobs to accommodate them. The Chinese economy still has more to do if it wants to become an intellectual powerhouse.

It's worth saying from the off that there is a huge disclaimer when it comes to data on the Chinese economy. Everyone knows it's a bit iffy and for youth unemployment, it's very dubious.

Youth unemployment in China is reported as 15%, but the reality is much different. It is probably closer to double that. The Chinese economy needs to find a way to deal with its youth unemployment crisis.

Youth unemployment in the Chinese economy has been going up since data was first collected in the late 90s. Before that, you turned 18 or graduated and then the Chinese Government told you where you were working. With the scale of graduate unemployment in the country, I'm sure many students wish the system was the same now.

Whichever figures you use, China has a youth unemployment problem and it's not all to do with the pandemic. Youth unemployment was going up long before Spring 2020.

The Chinese government is spending a lot of money on trying to fix the graduate unemployment crisis. It is hiring more civil servants across the administration for starters. But it is also offering tax breaks and subsidies for businesses hiring new grads.

I suspect this is due to nervousness around social unrest. Graduates in good jobs are less likely to protest. Unemployed graduates are infamous for their protesting skills.

The Chinese economy has gone through a huge turnaround, but it still has a youth unemployment problem.

The good news is that it can be dealt with.
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