A Chinese worker working at a construction site – Photo: REUTERS
BEIJING (Reuters) – China’s government said on Wednesday it would stop publishing data on the country’s youth unemployment rate, amid a series of recently released economic indicators that raised concerns about the country’s youth unemployment rate. Are. Concerns about the state of the world’s second largest economy.
Accordingly, China’s National Bureau of Statistics (NBS) said on 15 August that from this month it would not publish specific age-group unemployment data, citing “the need for further reform and optimization of the number of unemployed people”. Labor Force Survey Data”.
“From August, nationwide urban unemployment data for youth and other age groups will no longer be published,” Fu Linghui, a spokesman for the statistics bureau, told a news conference.
According to the NBS, China’s unemployment rate rose to 5.3% in July 2023 from 5.2% in June.
Many experts have called on the Chinese government to come out with a broad-based recovery plan to boost economic activity.
On 15 August China’s central bank also announced a key interest rate cut to boost slowing growth.
According to Ting Lu, China economist at Nomura Financial Services Group, the country’s suspension of youth employment data “could undermine international investors’ confidence in China”.
In recent days, Chinese leaders have found a number of solutions to help boost domestic consumption. China’s State Council announced a 20-point plan in July to encourage the country to spend more, particularly on items such as transportation, tourism and home appliances.
Recent data suggest China may find it difficult to meet its 5% growth target this year, with official figures showing China’s economy grew a modest 0.8% last year. second quarter compared to the first quarter.
(tags to translate) Chinese government
