Rising unemployment in China is pushing millions of college graduates into a tough bargain, with some forced to accept low-paying work or even subsist on their parents' pensions, a plight that has created a new working class of "rotten-tail kids". The phrase has become a social media buzzword this y...
BEIJING (Reuters) - Rising unemployment in China is pushing millions of college graduates into a tough bargain, with some forced to accept low-paying work or even subsist on their parents' pensions, a plight that has created a new working class of "rotten-tail kids".
The phrase has become a social media buzzword this year, drawing parallels to the catchword "rotten-tail buildings" for the tens of millions of unfinished homes that have plagued China's economy since 2021.
A record number of college graduates this year are hunting for jobs in a labour market depressed by COVID-19-induced disruptions as well as regulatory crack-downs on the country's finance, tech and education sectors.
The jobless rate for the roughly 100 million Chinese youth aged 16-24 crept above 20% for the first time in April last year. When it hit an all-time high of 21.3% in June 2023, officials abruptly suspended the data series to reassess how numbers were compiled.
Something something Marx, Soviet era reference, reason why USA is bad, Vietnam something, never answering the direct question, personal insult goes here, ending in a leading question. Clown face emoji.
Definitely the worst part of using Lemmy. As someone who lives in Taiwan it's quite annoying getting gaslit by a bunch of cosplayers in random threads.
Yeah. The good news is they're harmless because "we're the bad guys" has the exact opposite of mass appeal. Flat Earthers are more likely to cause real-life political change, haha.
They'll link you to an essay that goes on forever and quotes dozens of philosophers. But it doesn't actually address your question and it is completely divorced from any real-world data.
What’s there to spin? Youth unemployment is a problem many countries struggle with. China isn’t exactly unique in that regard. According the world bank, China’s youth unemployment is rather unremarkable and is actually lower than many European countries.
Looks like youth unemployment in Europe is very comfortably below China's at around 14% vs China's 21%. Also notably the European data has been trending down.
To be fair though we don't know what the current rate is in China because they stopped publishing the statistic for some reason.
That's really rough. Looking for a job while you don't have one is miserable enough, but when the job market is that bad then it's utterly hopeless and filled with despair. The economic outlook in China is looking bad in general and it makes me wonder how much of it will reverberate across the world.