China’s unemployment rate for 16-24-year-olds reached 20.8% in May, surpassing the previous record of 20.4% set in April.
Sampson Li, who graduated this month with a master’s degree in software engineering, was looking for work but has given up to apply for a doctorate instead. Larry Hu, Macquarie Group’s chief China economist, warned that the figure could increase further in July when 11.6 million more college graduates start looking for work.
One of the reasons China’s once-freewheeling private sector is seeing much slower growth is because of a sweeping government crackdown on property companies, tech giants and private tutoring firms.
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