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China Implements New Measures to Combat Economic Slowdown and Youth Unemployment
Authorities in China have introduced a series of initiatives aimed at bolstering the economy and addressing a meaningful rise in youth unemployment. The government is concerned about persistent deflationary pressures, which are impacting business profits and wages, a situation worsened by intense price competition and overcapacity in sectors like the automotive industry. Officials have publicly encouraged companies to cease aggressive discounting practices.
In response to these economic challenges and external factors such as tariffs, China’s State Council announced a thorough package of measures on wednesday. These policies are designed to “stabilize employment” and include expanding social insurance coverage, offering subsidies, providing loan support, and facilitating vocational training for specific demographics, particularly young people.
Official data from the National Bureau of Statistics (NBS) indicates that China’s urban unemployment rate was 5% in June, falling below the government’s annual target of 5.5%. However, youth unemployment remains a critical issue. The unemployment rate for individuals aged 16 to 24 in China stood at 14.9% in May, marking a decrease but still remaining at a high level.For those aged 25 to 29, the unemployment rate declined to 7% during the same period.
As part of the newly announced support, companies and social organizations that hire unemployed youth aged 16 to 24 and cover their full insurance for a minimum of three months will receive a one-time subsidy of up to 1,500 yuan ($209) per individual.
Furthermore, the State Council has instructed local governments to offer personalized assistance to graduates facing difficulties in securing employment. This support will include providing at least three tailored job recommendations. Graduates who remain unemployed after completing their studies will continue to receive ongoing assistance, such as policy updates, career counseling, job leads, and opportunities for training or internships.
