Fact of the Day: Record Unemployment for Young Chinese

The job prospects for young Chinese are very slim this year

The unemployment rate of young people in China between the ages of 16 and 24 is at a record 20.4 percent. That means one in five young adults does not have a job.

On a social media and e-commerce app called Xiaohongshu, users are voicing their fears, frustrations and panic about the situation.

Part of the reason is the economy is not bouncing back after zero-Covid was lifted in China, as non-Chinese companies that used to depend on the mainland turned to other supply chains. This resulted in a lot of adults being unemployed. 

The unemployment rate is at a record 20.4 percent

Exacerbating the issue is 11.58 million college graduates will be trying to find a job this summer.

This does not bode well for China's economy, but more importantly the morale of young people who are the next generation, for the most part raring to go and keen to work.

How will the State Council solve this massive conundrum?

Previously the government kept young men with little education employed as security guards standing all day in front of buildings and businesses.

They received a tiny salary, meals and board sorted as well as uniform. At least it kept them busy everyday.

But what now? Many now have university degrees and a slowing economy. It's a dangerous combination.