Youth unemployment rate in China exceeded 20% for the first time since Beijing began tracking the statistic five years ago.

In particular, the unemployment rate among young people under the age of 24 reached 20.4% in April 2023, while at the end of 2022 it was 16.7%.

However, the problem is not only the unemployment rate, as many economic indicators (retail sales, factory production, etc.) have changed. lower than expected in the month of April, according to data released today by Statistics China, and at the same time investment in the real estate sector also fell we are going through the first quarter of the year.

China’s economic recovery, which followed a period of Covid-related lockdowns, now appears to be losing momentum, the Wall Street Journal reports, as China’s economy, the world’s second-largest, slows and clouds of uncertainty deepen. around the global economy.

Source: WSJ