Unemployment among young people aged 16 to 24 is increasing rapidly in China. In many research conducted in 2022, it was revealed that youth with engineering degree are now forced to become babu in government offices. About 1.5 crore youth have applied for government jobs.
China has a higher unemployment rate than many of the world’s largest economies. The unemployment rate here is 19.3%, while the unemployment rate in America is only half of it. It is expected that this year the number of new degree holder students coming to the job field in China is 12 million.
Government’s strict policies led to layoffs in many companies
At the time of Corona, the strict policies of the government led to layoffs of employees in many companies. Due to this many people came on the road. At the same time, companies related to real estate and education have also been affected by government policies.
Army deployed at the gates of banks to prevent withdrawal of money
Recently, many banks in China have been banned from withdrawing money. Bank of China says that the money deposited here is an investment. It cannot be removed. There are massive protests in China against this decision. The Communist government of China has taken a large number of army tanks out on the streets to prevent people from withdrawing money. In this case, on July 10, more than 1000 protesters gathered in front of the Bank of China branch in Zhongzhou, Henan and demonstrated vigorously.
Chinese professor claims 2022 is the worst year for China’s economy
In a video that went viral a few days ago, Professor Zheng Yuhuang of Beijing’s Tsinghua University had said that 2022 is a difficult year for China. According to Zheng, in the first quarter of 2022, 4.60 lakh companies have closed in China and 3.1 million business families have gone bankrupt. This year 1.76 crore college graduates have come out, which has created a crisis of jobs. About 80 million youth are unemployed in China.