China's record high youth urban unemployment
China's Zero-Covid policy and actions against internet, real estate and education companies pushed youth unemployment – those between 16 and 24 years old – to a record level of 18.2 per cent in April. The overall urban unemployment rate was 5.5 per cent.
Things will get worse over the next two months at the end of the university year. This year 10.76 million students will graduate from university, also a record, an increase of 62 per cent from the 6.6 million graduates in 2011.
The two and a half years of the Covid epidemic has devastated many sectors of the economy, especially tourism, leisure, food and beverages. Worst hit are private companies which do not have the financial resources or government support to cover losses and closures for many months. ...