China has Stopped Publishing its Youth Statistics
China has stopped releasing data on its youth unemployment in what some see as a sign that the country is headed for a slowdown.
Introduction to China Youth Statistics
According to the government spokesperson, this decision has been taken because China is the second-largest economy in the world and because of the major changes taking place in the country.
Borrow Cost Cut down
In June, the unemployment rate among 16- to 24-year-olds in urban areas in China exceeded 20 percent, according to the report. The country’s central bank cut borrowing costs sharply on Tuesday in an effort to boost growth.
Data released on Tuesday showed China’s overall unemployment rate rose to 5.3 percent in July. At the same time, the China government announced that it was temporarily suspending the publication of youth unemployment statistics.
The spokesperson of the National Statistics Office said that the method of calculating youth unemployment, which has been in use since last year, needs to be revise. At a news conference in Beijing, Fu Linghui said that our economy and society are moving towards continuous development. However, there is a need for improvement in data management. Mr. Fu said that the number of students aged 16 to 24 has increased, which has also affected unemployment figures.
Social Media Weibo
But China has never counted educated people as unemployed, they don’t count them as unemployed. China started collecting youth employment data in 2018, which it used to publish regularly, but currently does not release data on the employment situation of youth in rural areas, but has stopped publishing the data. Chinese social media platform Weibo has started making headlines for not publishing statistics on youth unemployment.
Close Eyes Like Pigeon
One user said, “Will closing your eyes and covering your mouth solve the problem? Working one hour flexibly or at your own convenience Slow job Working just one hour means you are not unemploy. The Bureau of Statistics takes this seriously.”
A representative of the Bureau of Statistics said, “Until I declare it, no one is unemployed,” another user said in his post. The announcement comes at a time when the country’s post-pandemic economic situation is in crisis and the country’s recovery is progressing slowly. The People’s Bank of China cut interest rates twice in three months to boost growth.
China recently reported a shortage of commodities, prices fell sharply and the economy suffered from inflation. Coming of age is a real problem. Unless policy support is step up soon, there are major concerns about China’s economy and its troubled property market.
Introduce New Rules
Country Garden, China’s largest real estate developer, warned on Monday that it could lose up to $7.6 billion in the first six months of the year. In order to limit the amount producers can borrow, new rules are introduce.
However, due to the free of the figures, there is a wave of anxiety among the youth there because China is the second largest economy, which is now in the grip of inflation.