China has opted to discontinue the release of its youth unemployment statistics, which were regarded by some as a pivotal indicator of the nation’s deceleration in economic momentum.
A spokesperson from the government explained that this decision was driven by shifts in both the world’s second-largest economy and its societal framework.
In the month of June, China encountered an all-time high in joblessness among individuals aged 16 to 24 within urban locales, exceeding the 20% mark.
In tandem with this move, the country’s central bank executed a reduction in borrowing costs on Tuesday, aiming to invigorate growth.
Official data unveiled on Tuesday revealed that China’s overall unemployment rate had escalated to 5.3% in the month of July.
Concurrently, the government communicated its intention to temporarily suspend the dissemination of youth unemployment figures, although it refrained from specifying a precise timeline for this hiatus.
A spokesperson for the National Bureau of Statistics elaborated that a reevaluation of the method employed to compute unemployment rates among young individuals had become necessary.
In an address to the press in Beijing, Fu Linghui, the spokesperson, underscored, “The economy and society are in a perpetual state of development and alteration. Statistical endeavors necessitate unceasing enhancement.”
Mr. Fu intimated that the increase in the student population between the ages of 16 and 24 had exerted an influence on unemployment data, despite China never classifying those engaged in education as unemployed.
China commenced the release of youth unemployment statistics in 2018. However, the country currently does not disclose data pertaining to the employment status of young individuals residing in rural areas.
The discontinuation of youth unemployment data dissemination immediately gained traction on the Chinese social media platform Weibo.
One user voiced, “Does obscuring the truth and ignoring reality truly hold solutions? With flexible employment models, sluggish job creation, and autonomous work scenarios, even an hour’s work exempts you from being categorized as unemployed. The Bureau of Statistics’ data shouldn’t be taken at face value.”
Another post cynically remarked, “If it’s not announced, then no one is unemployed.”
This development comes against the backdrop of China’s post-pandemic economic revival encountering a deceleration.
In the most recent endeavor by authorities to bolster growth, the People’s Bank of China unexpectedly executed a second reduction in key interest rates within a span of three months on Tuesday.
