CNN reported that “China’s youth unemployment rate continues to rise, at 19.9% ​​after rising from 18.2% in April to 15.3% in March.” That figure dropped slightly to 18.7% in August, according to China’s National Bureau of Statistics, but it’s still one of the highest figures ever.

“This means that currently about 20 million people aged 16 to 24 are unemployed in urban cities and towns in China,” she noted, while rural unemployment was not included in the official figures. She noted that “Beijing’s comprehensive crackdown on the country’s private sector, which began in late 2020, in addition to its strong commitment to non-proliferation policies, has seriously affected the economy and the labor market.”

The free industry was once the main source of high-paying jobs for China’s young and educated workers, but big companies are now laying off staff on a scale we’ve never seen before.