China's Youth Unemployment Rate Remains High, Foreign Direct Investment Declines Year-on-Year
The latest figures from the National Bureau of Statistics of China today show that the unemployment rate for non-student youth in May was 14.9%, which is an increase compared to the 14.2% recorded in May 2024 for urban youth aged 16-24, excluding students.
A spokesperson for the National Bureau of Statistics of China warned that "this summer, a record 12.2 million students will graduate and enter the labor market, and the youth unemployment rate is likely to rise again."
To curb the rising trend of youth unemployment, several ministries announced a package of new measures in April, including providing subsidies to companies that hire unemployed youth or young graduates.
Additionally, recent news from the Ministry of Commerce of China indicates that the total foreign direct investment in China from January to May was 358.2 billion yuan, a year-on-year decline of 13.2%.
The economy is not good...😞😞