A year after the start of the coronavirus pandemic, young Chinese are still unemployed. According to CNBC, citing data from the National Bureau of Statistics, the unemployment rate among people aged 16 to 24 is 13.1 percent, although the national average does not exceed 5.5 percent.
The number of unemployed among Chinese youth is now the same as in the first quarter of last year – during the outbreak of COVID-19. Young people face particularly high competition for jobs.
Bruce Pang, head of macroeconomic and strategic research at China Renaissance, concluded that companies seem reluctant to fill vacancies as the pace of economic recovery slows.
Previously, Bank of America analysts predicted world domination for the Chinese economy. According to their calculations, by 2035 it could double and surpass the American one. China’s economy grew 2.3 percent last year. The International Monetary Fund (IMF) predicts it will be at 8.1 percent this year. Growth rates in 2020 were the lowest in 40 years.
At the end of February, the General Secretary of the Communist Party of the PRC Xi Jinping announced a complete victory over extreme poverty in China. According to him, over the past eight years, about 100 million people have overcome this line