China’s Unemployment Rate Soas As Economic Growth Slows

China’s Unemployment Rate Soas As Economic Growth Slows

June 18, 2023, 7:41 a.m.

Large numbers of university students in China are struggling to find jobs as the youth unemployment rate soars amid slowing economic growth.

At the same time, the country is seeing a record number of students graduate from universities or other higher educational institutions, totaling an estimated 11 million or more this month.

But the unemployment rate for those aged between 16 and 24 in urban areas climbed to 20.8 percent in May. That's the worst figure since comparable data became available in 2018.

Against this background, universities across China are trying to help students find jobs by allowing company officials to hold job interviews.

About 100 businesses set up interview booths at a venue in Guangzhou city in Guangdong province on Saturday.

One scientific student said he finds it hard to find employment. He also said he feels many firms seem unwilling to hire as they trim their workforces.

A finance student said companies usually do not respond when she submits job applications. She at least hopes to find an internship even if she cannot find a permanent position.

Analysts say China faces a labor imbalance as a result of increased levels of academic achievement, while industries such as manufacturing are facing labor shortages.

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