China's employment crisis deepens |
China's employment landscape is increasingly dire, according to observers, affecting workers across all sectors. Liang Wang, a corporate culture director, expressed his concerns, commenting: “There just aren't enough orders for production.” The urban jobless rate stands at 5%, but youth unemployment is significantly higher at 14.9%. The situation is exacerbated by a combination of structural and cyclical challenges, as noted by Wang Dan from the Eurasia Group, who remarked: “We've never faced anything quite like it.” The manufacturing sector is particularly strained, with many companies closing due to rising costs and reduced demand. Amidst this turmoil, the government is implementing measures to support job creation, including a one-time employment subsidy for hiring unemployed youth. However, the overall outlook remains bleak, with many workers opting for job stability over seeking new opportunities. |
|