cross-posted from: https://feddit.org/post/3997245
According to China’s National Bureau of Statistics on the 21st, the unemployment rate of young people (16-24 years old) reached 18.8% in August. It’s the highest it’s been this year. This is attributed to the fact that a large number of students who graduated from school in the first half of this year jumped into the job front.
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Chinese authorities temporarily suspended the release of monthly figures after youth unemployment hit an all-time high of 21.3% in June last year. Since then, new standards have been applied and announced from this year excluding enrolled students from the statistical target. Nevertheless, the youth unemployment rate, which was 14.6% in January this year, is steadily rising.
Last month, the story of 24-year-old Lee became a hot topic on Weibo, a Chinese social network service (SNS). After completing a master’s degree in physics at the graduate school, it was known that he got a job as a cleaner at a high school in Suzhou, Jiangsu Province.
[…]
In fact, many young Chinese people are flocking to gig workers (short-time workers). The number of delivery drivers registered on Meituan, a large delivery platform, jumped from 3.98 million in 2019 to 7.45 million last year. The growth of the delivery market slowed due to the end of the “COVID-19 lockdown” policy, but the number of delivery drivers increased.
[…]
Against this backdrop, the Chinese government has recently decided to strengthen its crackdown on slang and newly coined words on the Internet. Some analysts say that they intend to censor terms that criticize the Chinese Communist Party and the government.
CCP seems to spend most of its time trying to censor shit than help the economy recover. Maybe manipulating their statistic and stock market isn’t gonna work out as much as they like.
more like growth for the past 60 years has been easy to come by via free money injection and giving industry a growth mandate to build up for exports. But their economy and population is now maturing, wages are rising, urban housing demand is no longer voraciously insatiable, services are taking over from sheer industrial output, and the rest of the world has begun to look twice at their “cheap” labor that isn’t actually that cheap comparatively speaking. The CCP’s financial policy has not adapted to this new world in the slightest and they have some very tough reckoning to go through.
Sounds like America, why is Nvidia worth 20% of our GDP? Oh FOMO Boomers that vote with their money into nonsense?
