Unemployment Is Becoming the New “Pandemic” in Communist China

On July 28, it was reported that in Communist China, a “new pandemic” of unemployment and disillusionment continued to spread among the younger generations with higher education.

 A pandemic storm has pushed the unemployment rate of urban residents aged 16 to 24 to a record 19.3%, which is more than double the rate in the U.S. As with the current dire economic situation. This time it’s mostly the fault of the government. The strict Covid-19 strategy of the Communist Chinese government has dramatically impacted private companies, leading to massive layoffs. In addition, regulatory crackdowns are also adding insult to injury to the real estate and education companies.

 At the same time, a record-breaking number of new graduates (about 12 million) of vocational schools and universities are entering the job market this summer. However, there are not enough job opportunities to match. Now a whopping 39% of college graduates will take state-owned enterprises at the top of their employer’s list, which poses a long-term adverse effect on Communist China’s economy. Similar to the U.S., too few Chinese study in vocational schools, while the jobs of vocational schools and skilled workers are under-respected by society.

 The word “lying flat” became popular last year. It’s the symbol of a lifestyle that escapes stiff competition and accepts low expectations for career and financial income.

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Translator: Formosa Taiwan English Team – Kelvin Liao
Design&editor: HBamboo(昆仑竹)

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