It's really high:
And the Wall Street Journal reports that it might even be worse:
The true level of China’s unemployment rate for young people ages 16 to 24 may be even higher than indicated by official data. Zhang Dandan, a Peking University economist, estimated the real youth unemployment rate in March could have reached 46.5%, compared with the official figure that month of less than 20%, if the millions of people who aren’t participating in the workforce also were counted.
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"Eve" is proof that Chinese youth unemployment rates are significantly higher than reported.
Screw them. They are like all these Russians in Ukraine. Their misery is something to celebrate.
"Screw them. They are like all these Russians in Ukraine. Their misery is something to celebrate."
I disagree, Justin. The Russians in Ukraine mostly chose to do what they are doing, and so they do deserve what will happen to them. But the unemployed youth in China certainly didn't ask to be born into a country which artificially keeps their unemployment high and their wages low.
If you want to blame someone for bad behavior, blame the Chinese Communist Party which is exploiting the poor in China, and blame the wealthy class in the US which is doing the same thing.
I will admit, though, when I'm feeling bad about myself, I do wonder where I'm going to get my cheap stuff, if those unemployed Chinese ever get good jobs and cease working for pennies on the dollar. 🙁
The human race is facing some incredibly challenging problems now, and the problems are going to get worse while the resources available to solve those problems are going to get scarcer.
The human brain is the most complex problem-solving resource in the known universe. We are going to need every person we can get to solve our problems, and unemployment absolutely wastes a person's potential.
Furthermore, unemployment is entirely unnecessary.
https://www.youtube.com/watch?v=YnyDRwSqp2E
As to why unemployment exists, Michael Kalecki had some speculations in 1943. In hindsight, and given what I've learned about human nature in my long life, I'm leaning towards his #4.
https://delong.typepad.com/kalecki43.pdf
You would think the Wall Street Journal would know the difference between "unemployment" and "not participating in the workforce". If you want a job and can't find one, you are "unemployed". If you don't have a job and aren't looking, you are not participating in the workforce.
Sounds like the Chinese have a surplus of young, military-age men to employ in returning a renegade province to Party control…
For a country with a shrinking youth population, thanks to their one child policy, this is even worse than it would be anywhere else.
Wait. It's still Peking at the Journal?