The country’s jobless rate stood at 5.1 per cent in the month of July, up from 5 per cent a month earlier, YICAI reported.
“16.2 per cent of the people aged between 16 and 24 were reported unemployed in July against 15.4 per cent in June,” said Yao Kai and Zhang Chenggang, academics at Fudan University and Capital University of Economics and Business.
The professors also suggested that the “recurrence of the COVID-19, floods and beefed up industry regulation in China are primary reasons behind the increased jobless population in the country.”
A record-high 9 million students are set to graduate from Chinese universities in the year 2021, and to ensure stable employment to all the newbies in the job market could prove to be an arduous task for Beijing.
A few months before this development, China released the data of its seventh national census that showed that the size of the country’s labour force and its proportion of the total population are both continuing to decline. However, experts have pointed out that the employment pressure on young people is still huge.
The Education Ministry had said that although the employment environment is still complicated and arduous, all departments will work together to ensure stable employment.
Experts in the field believe that although China’s working-age population continues to decline, there will be no labour crisis in the short term, and the employment pressure on young people will remain huge.
According to Global Times, since September last year, the Chinese government has been working to secure employment for the graduates-to-be.
The report also said state-owned enterprises are also easing the pressure, adding that major colleges and universities are working in the direction to absorb more graduates who wish to study further, in a bid to ease the employment pressure.
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