China’s Youth Unemployment Problem
New record-breaking figures for joblessness among workers aged 16 to 24 weaken the Chinese economy's near- and long-term prospects. If the trend persists, as seems likely, China will have an even harder time supporting its rapidly aging population.
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CHICAGO – This month, China released official statistics showing that its unemployment rate for young people (16-24 years old) reached a record high of 20.4% in April. Worse, the news comes just one month before another 11.6 million students will graduate from college and vocational schools and enter the job market.