China stares at rising unemployment crisis

Despite efforts by public and private sectors in China to encourage increased hiring, the youth unemployment rate in the country continues to rise. The unemployment rate for young individuals aged 16 to 24 in urban areas skyrocketed to 20.4 per cent in April, marking the highest level since 2018. The situation is expected to worsen further with at least 6 million young people in urban China currently unemployed, and nearly 12 million college graduates expected to enter the job market this summer.