Youth unemployment in China has hit a new record high as the country's post-pandemic recovery falters.
The jobless rate of 16 to 24 year olds in urban areas rose to 21.3% last month, official figures show.
According to official figures released on Monday, the Chinese economy grew by 6.3% in the second quarter on an annual basis. It outstripped growth in the first quarter but missed analysts' expectations.
"The disappointment is particularly evident in retail sales and housing investment," Qian Wang, Asia Pacific chief economist at investment firm Vanguard, told the BBC.
Global demand for Chinese goods has fallen significantly. There are also concerns over ballooning local government debt and the housing market.
https://www.bbc.com/news/business-66219007
The jobless rate of 16 to 24 year olds in urban areas rose to 21.3% last month, official figures show.
According to official figures released on Monday, the Chinese economy grew by 6.3% in the second quarter on an annual basis. It outstripped growth in the first quarter but missed analysts' expectations.
"The disappointment is particularly evident in retail sales and housing investment," Qian Wang, Asia Pacific chief economist at investment firm Vanguard, told the BBC.
Global demand for Chinese goods has fallen significantly. There are also concerns over ballooning local government debt and the housing market.
https://www.bbc.com/news/business-66219007
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