China Faces Economic Downturn Amid Surging Youth Unemployment
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Youth unemployment in China reached 17.1% as of July 2023; this is the highest level recorded for the year; the rate surged from 13.2% in June 2023; approximately 12 million university graduates entered the job market in June; Premier Li Qiang emphasized the need to stabilize the job market; youth unemployment peaked at 21.3% in June 2023; the unemployment rate for ages 25-29 rose to 6.5%; overall workforce unemployment stands at 5.2%, reflecting only urban areas; industrial production growth was only 5.1%, below analyst expectations; major cities are experiencing declines in property prices; demand for bank loans contracted for the first time in nearly 20 years; international trade faces challenges from the EU and US; Craig Allen of the U.S.-China Business Council sees potential in innovation and green development; the Communist Party of China’s third plenary session focused on enhancing domestic consumption; R&D investment is expected to rise from 2.6% of GDP; the IMF predicts China will contribute 30% of global GDP growth through 2026; U.S. companies are eager to partner with China despite concerns over intellectual property.
#China #Economy #YouthUnemployment #IndustrialGrowth #RealEstate #InternationalTrade #UschinaRelations #Innovation #R&d #GdpGrowth
https://evrimagaci.org/tpg/china-faces-economic-downturn-amid-surging-youth-unemployment-27196
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2024-08-18 06:46:20
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2024-08-18 06:46:20Event JSON
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"content": "China Faces Economic Downturn Amid Surging Youth Unemployment\n==========\n\nYouth unemployment in China reached 17.1% as of July 2023; this is the highest level recorded for the year; the rate surged from 13.2% in June 2023; approximately 12 million university graduates entered the job market in June; Premier Li Qiang emphasized the need to stabilize the job market; youth unemployment peaked at 21.3% in June 2023; the unemployment rate for ages 25-29 rose to 6.5%; overall workforce unemployment stands at 5.2%, reflecting only urban areas; industrial production growth was only 5.1%, below analyst expectations; major cities are experiencing declines in property prices; demand for bank loans contracted for the first time in nearly 20 years; international trade faces challenges from the EU and US; Craig Allen of the U.S.-China Business Council sees potential in innovation and green development; the Communist Party of China’s third plenary session focused on enhancing domestic consumption; R\u0026D investment is expected to rise from 2.6% of GDP; the IMF predicts China will contribute 30% of global GDP growth through 2026; U.S. companies are eager to partner with China despite concerns over intellectual property.\n\n#China #Economy #YouthUnemployment #IndustrialGrowth #RealEstate #InternationalTrade #UschinaRelations #Innovation #R\u0026d #GdpGrowth\n\nhttps://evrimagaci.org/tpg/china-faces-economic-downturn-amid-surging-youth-unemployment-27196",
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