China Struggles With Rising Youth Unemployment
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China's youth unemployment rate reached 17.1% in July, the highest level this year; The unemployment rate among young people aged 16 to 24 sharply increased from June's 13.2%; Chinese Premier Li Qiang emphasizes the importance of addressing struggling companies and stabilizing the job market; The youth unemployment rate previously peaked at 21.3% in June 2023; Unemployment rate for those aged 25 to 29 rose slightly to 6.5% from the prior month's rate of 6.4%; Overall workforce unemployment rate stood at 5.2% in urban areas; Recent economic data shows sluggish industrial production growth and a drop in property prices; International trade barriers and scrutiny of China's competitive practices add pressure to the economy; Craig Allen, president of the U.S.-China Business Council, highlights the potential for innovation and green development; The third plenary session of the Communist Party of China focuses on boosting domestic consumption and facilitating market exits for nonperforming companies; Intellectual property protection and fair treatment for foreign enterprises are significant focuses of discussion; Allen predicts a rise in R&D investment and positive growth in U.S.-China relations; China is expected to contribute about 30% of global GDP growth through 2026.
#China #YouthUnemployment #Economy #JobMarket #EconomicChallenges
https://evrimagaci.org/tpg/china-struggles-with-rising-youth-unemployment-26261
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2024-08-17 23:12:39
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2024-08-17 23:12:39Event JSON
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"content": "China Struggles With Rising Youth Unemployment\n==========\n\nChina's youth unemployment rate reached 17.1% in July, the highest level this year; The unemployment rate among young people aged 16 to 24 sharply increased from June's 13.2%; Chinese Premier Li Qiang emphasizes the importance of addressing struggling companies and stabilizing the job market; The youth unemployment rate previously peaked at 21.3% in June 2023; Unemployment rate for those aged 25 to 29 rose slightly to 6.5% from the prior month's rate of 6.4%; Overall workforce unemployment rate stood at 5.2% in urban areas; Recent economic data shows sluggish industrial production growth and a drop in property prices; International trade barriers and scrutiny of China's competitive practices add pressure to the economy; Craig Allen, president of the U.S.-China Business Council, highlights the potential for innovation and green development; The third plenary session of the Communist Party of China focuses on boosting domestic consumption and facilitating market exits for nonperforming companies; Intellectual property protection and fair treatment for foreign enterprises are significant focuses of discussion; Allen predicts a rise in R\u0026D investment and positive growth in U.S.-China relations; China is expected to contribute about 30% of global GDP growth through 2026.\n\n#China #YouthUnemployment #Economy #JobMarket #EconomicChallenges\n\nhttps://evrimagaci.org/tpg/china-struggles-with-rising-youth-unemployment-26261",
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