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On July 17th, the National Bureau of Statistics of China released the economic performance data for the first half of the year. The GDP growth rate was reported at 5.5%, and the overall unemployment rate was 5.3%. However, the youth unemployment rate soared to a historical high of 21.3%. Adding to this concern, a recent report from the Institute of Finance at the Chinese Academy of Social Sciences revealed that two out of every three unemployed youths had received higher education. It seems that the higher the education level, the higher the likelihood of youth unemployment, highlighting a concerning trend.
The question arises: Why is the youth unemployment rate so alarmingly high?
|Youth Unemployment Rate|Economy Growth|Statistical Caliber|Employment Difficuties|