China on Wednesday released youth unemployment data using a new methodology that showed a clear improvement for the first time since the unemployment rate hit a record high last June.
HONG KONG — China on Wednesday released youth unemployment data using a new methodology that showed a clear improvement for the first time since the unemployment rate hit a record high last June.
In December, China announced that the unemployment rate for 16- to 24-year-olds was 14.9% using a new method that excludes students. The statistics agency stopped publishing the politically sensitive figure last year after the figure reached 21.3% in June.
This comes after the National Bureau of Statistics announced that China’s economy will reach its growth target in 2023, ending years of isolation during the pandemic.
This change in methodology was made in response to a sharp rise in youth unemployment following the economic slowdown in 2023. Regulatory crackdowns on sectors such as technology and education that typically employ young workers are also making it harder to find work.
Previously, the youth unemployment rate counted students who worked at least one hour a week as employed, and students who said they wanted a job but couldn’t find one as unemployed. It is not clear how the change in methodology will affect the stated unemployment rate.
The Bureau of Statistics said in a statement, “By calculating unemployment rates by age group that do not include students, we can more accurately reflect the employment and unemployment situation of young people who have entered the workforce.” He added that he should concentrate. .
According to the report, the population aged 16 to 24 includes approximately 62 million school students, representing more than 60% of that age group.
Excluding students from the unemployment rate will allow authorities to “provide more accurate employment services and develop more effective and targeted employment policies” for young people, the agency said.
The bureau also released the unemployment rate for people aged 25 to 29 for the first time to reflect the employment situation of university graduates. The unemployment rate, excluding students, was 6.1% as of December.
China’s overall urban unemployment rate was 5.1% in December, up slightly from 5.0% from September to November.
China is under pressure to promote job creation and expand employment, with official estimates predicting that the number of university graduates this year will reach a record high of 11.79 million.