U.S. President Joe Biden on Thursday called China a "ticking time bomb" because of its economic challenges and said the country was in trouble because of weak growth.
“The sluggish pace of growth in 2023 is piling pressure on Beijing to reignite an expansion that is in danger of fizzling out as consumers refrain from spending and exports slump. A drawn-out real estate crunch and shaky local-government finances are compounding the gloom. More than a fifth of Chinese age 16 to 24 are out of work.”
Thank you for the citation. The issue here is that ‘out of work’ is not a very useful phrase. Taken at face value, it just means not working and is not necessarily synonymous with unemployment in the way economists use it (i.e. actively looking for work but unable to find it).
This is possibly why queermunist expressed confusion about whether it included students. At first blanch, a ~20% unemployment rate does sound high.
I did turn up a useful SCMP article which highlights:
Since 2018, China has used a monthly survey-based unemployment rate as its main indicator. The data captures all regular urban residents, does not include an upper age limit and the [National Bureau of Statistics] claims it also includes migrant workers…
… to be considered unemployed, a worker needs to have been actively looking for a job in the past three months and be able to start work within two weeks; otherwise, [they are] not counted as employed or unemployed.
I’d like to refer back to the CNBC article (also using a 21.3% unemployment rate for 16 - 24 bracket) which notes that the unemployment for the graduate cohort appears to be temporary rather than structural. It’s not an enviable position to be in, definitely, but I wouldn’t say it’s at the point where students will demonstrate en masse like you suggested.
the Wall Street Journal reports.
“The sluggish pace of growth in 2023 is piling pressure on Beijing to reignite an expansion that is in danger of fizzling out as consumers refrain from spending and exports slump. A drawn-out real estate crunch and shaky local-government finances are compounding the gloom. More than a fifth of Chinese age 16 to 24 are out of work.”
https://www.wsj.com/articles/chinas-economy-barely-grows-as-recovery-fades-5652a92a?mod=hp_lead_pos1
Thank you for the citation. The issue here is that ‘out of work’ is not a very useful phrase. Taken at face value, it just means not working and is not necessarily synonymous with unemployment in the way economists use it (i.e. actively looking for work but unable to find it).
This is possibly why queermunist expressed confusion about whether it included students. At first blanch, a ~20% unemployment rate does sound high.
I did turn up a useful SCMP article which highlights:
I’d like to refer back to the CNBC article (also using a 21.3% unemployment rate for 16 - 24 bracket) which notes that the unemployment for the graduate cohort appears to be temporary rather than structural. It’s not an enviable position to be in, definitely, but I wouldn’t say it’s at the point where students will demonstrate en masse like you suggested.