China youth unemployment edges up in February: official data

CHINA’S youth unemployment rate rose slightly in February, official data showed on Wednesday (Mar 20), as policymakers in the world’s second-largest economy work to ease mounting fears of a downturn.

After youth joblessness soared to 21.3 per cent in June last year, the National Bureau of Statistics (NBS) stopped releasing monthly figures, then resumed in December under revamped calculation criteria.

The latest unemployment figure for 16 to 24-year-olds – which now does not include students – edged up to 15.3 per cent in February, from 14.6 per cent in January, NBS data showed.

The youth unemployment rate in December last year was 14.9 per cent.

Unemployment is one of several challenges now facing China’s economy, which has struggled to recover since the cancellation in late 2022 of stringent Covid control measures that had weighed heavily on activity.

Also dragging on confidence in recent months is a long-running property sector crisis, as several top developers struggle to manage skyrocketing debt, as well as weaker exports and slowing domestic consumption. AFP