Nearly one out of five Chinese are unemployed amid COVID-19 crisis: Report


The COVID-19 pandemic has been devastating for the Chinese economy and CNN reported on Monday that around 20 million people between the ages of 16 and 24 are currently unemployed.

The data shows that one in every five Chinese citizen is currently out of jobs due to the strict restrictions imposed by the government led by President Xi Jinping. The prolonged lockdowns and lack of new employment opportunities mean that the top companies have been forced to cut jobs.

Chinese tech company Xiaomi become the latest company to announce job cuts as around 10 per cent of their work force was asked to leave. A spokesperson for the company told CNN that Xiaomi conducted a “routine personnel optimization and organizational streamlining”.

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

“The situation could become worse next year, as 11.6 million college graduates are expected to enter the job market, a fresh record, according to the education ministry last month,” CNN reported.

“The youth unemployment rate in China has hit new highs this year, rising from 15.3 per cent in March to a record 18.2 per cent in April. It continued to climb for the next few months, reaching 19.9 per cent in July. The rate fell slightly to 18.7 per cent in August, but still remains among the highest ever, data from the National Bureau of Statistics showed,” CNN quoted figures from Hong Kong Post.

Several experts have already said that this is the “worst unemployment crisis” in the history of the country and in the past decade, the China’s working-age population has gone down considerably.

Source link

Nearly one out of five Chinese are unemployed amid COVID-19 crisis: Report

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

Leave a Reply

Your email address will not be published. Required fields are marked *

Scroll to top