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by whimsicalism
1043 days ago
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Yes, it is not looking good for their outlook. That said, nobody is seriously claiming Chinese youth unemployment at 50% unless you are looking at something like labor force participation rate, which is then a similar number for the US as well. |
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China already tried its hardest to suppress youth unemployment rates. Student councillors in China are given strict KPIs to ensure their students graduate with a job. So obviously they co-operate with shady companies that give out sham employment contracts, and then pressure the student to sign, all to give out an impression of 'graduate employment'
China faces a severe crisis of over-education. China educated many university graduates, but has no industry to actually absorb them (Many such industries were crushed by the government, such as gaming, tech, or education).
China's factories desperately need cheap labour (and are starting to lose competitiveness because of this), but the over-educated grads are absolutely unwilling to go back to the factory floor like their parents. So you have millions of grads all dreaming of sitting in a prestigious office job, where none exists, so instead they all compete for government jobs, where there's 1 role for 100 applicants.
The Chinese government is already enforcing a streaming system in middle school, with at most 50% of students going to high school, rest going into technical education, but its too little too late.