Key Points
In April, China witnessed a new record high in youth unemployment which stood above 13 per cent..
The unemployment rate for young individuals aged 16 to 24 in urban areas of China skyrocketed to 20.4 per cent in April, marking the highest level since 2018, when the Communist Party started publishing such data..
According to Goldman Sachs, youth unemployment accounts for approximately 23 per cent of China's total urban unemployment, with around 3 million more young individuals unemployed compared to pre-pandemic levels..
Citigroup estimates that nearly 12 million college graduates will enter the job market this summer, potentially driving youth unemployment above 25 per cent...
Furthermore, China's regulatory crackdown on education, training, internet, and real estate sectors has resulted in significant job losses, making these industries less viable options for young job seekers...
