China youth unemployment hits 18.8%, highest this year

China’s youth unemployment rate hit 18.8% in August, the highest this year. The rate for 16-24 year-olds not in education rose from 17.1% in July. This increase follows a record 21.3% in June 2023, after which the government changed its reporting methodology. The surge is partly attributed to nearly 12 million university graduates entering the job market in June. President Xi Jinping has declared tackling youth unemployment a top priority amid broader economic challenges and lackluster growth in retail sales and industrial production.READ FULL