Beijing: The latest report released by the National Statistics Bureau shows that China’s unemployment rate in urban areas has increased in July which is the peak job hunting season for college graduates.
The country’s unemployment rate reached 5.1 percent in July, up from 5 percent per the previous month, Yicai reported.
Safe! You have managed to throw your voteogin to see the results
“16.2 percent of people between the ages of 16 and 24 were reported to be unemployed in July against 15.4 percent in June,” said Yao Kai and Zhang Chedang, academics at Fudan University and the University of Economics and Business business.
The professors also suggested that “reinforcement of Covid-19, floods and enhanced industrial regulations in China are the main reasons behind the increase in the population of unemployment in the country.”
A record high of 9 million students will graduate from Chinese universities in 2021, and to ensure stable work for all beginners in the labor market can proven to be a difficult task for Beijing.
A few months before this development, China released seventh national census data which showed that the size of the state labor force and the proportion of the total population both continued to decline.
However, experts show that work pressure on young people is still large.
The Ministry of Education said that even though the employment environment was still complicated and difficult, all departments would work together to ensure a stable job.
Experts in the field believe that although China’s working age population continues to decline, there will be no labor crisis in the short term, and job pressure on young people will remain great.
According to the Global Times, since September last year, the Chinese government has worked to secure work for graduates-to-be.
The report also said state-owned companies also reduced pressure, adding that high universities and universities work towards absorbing more graduates who want to learn further, in an effort to relieve work pressure.