A Chinese article (written by an individual) estimated that there are 54 million unemployed youth (aged 24 to 40) in China. The article’s main points were:
- From 2020 to 2023, the gaps between the number of new jobs (for graduates) and the number of graduating students were -2.49 million, -2.20 million, -4.49 million, and -5.82 million, respectively. Thus there should be a total over 15 million graduated students without jobs.
- About 10 percent of Chinese companies were dissolved in 2022. This means roughly 10 percent of previously-employed workers became unemployed. There should be about 25 million jobless youths as a result.
- Due to the COVID pandemic, about 14 million young migrant workers lost their jobs within cities.
People aged 24 to 40 account for about 22 percent of China’s population. Using the Chinese government’s population estimate of 1.4 billion, the 24-40 age group should have about 308 million people, resulting in an unemployment rate of 17.5 percent.
Source: Cyzone.cn website