[News] China’s Youth Unemployment Eases in September, but Economic Challenges Persist

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China’s youth unemployment rate decreased in September, according to data released by China’s National Bureau of Statistics on October 22. The unemployment rate for 16-24 year-olds, excluding students, stood at 17.6%, down from 18.8% in the previous month, but it remains at a relatively high level.

 

It is worth noting that after the youth unemployment rate for the 16-24 age group reached a historic high in June 2023, Chinese authorities temporarily halted the release of this data and revised the statistical method to exclude students. However, this adjustment has raised concerns in the market regarding the credibility of the data.

Before the release of this unemployment figure, the National Bureau of Statistics reported that the economy grew by 4.6% in the third quarter, slightly higher than market expectations but marking the lowest growth rate in the past six months.

Amid a prolonged period of economic weakness, the Chinese government finally introduced a significant and detailed monetary easing policy in September, followed by policies in October aimed at boosting economic growth and stabilizing the real estate market. The market is now closely watching to see if these policies will effectively revive the Chinese economy.