Why Youth Unemployment Is Surging In China
HTML-код
- Опубликовано: 28 май 2024
- China is facing a growing list of problems - real estate, semiconductor bans and labor market gyrations. The world's second-most populous country also has a major youth unemployment problem. China's urban youth unemployment rate has risen to 21% as of May 2023, up from 15.4% two years earlier. "Let's not forget about the draconian lockdown measures," says Fang Xu, urban sociologist at the University of California, Berkeley. "The young people are still recovering." This comes as the world's second-largest economy faces a tougher time getting out of the Covid pandemic than many experts estimated, which has broader impacts on the ability of investors to put money to work in the country, and the struggling property sector.
Chapters:
00:00 - Introduction
02:18 - Economic weakness
05:10 - ‘Professional children’
08:02 - Beijing’s response
10:17 - What's next?
Produced by: Christian Nunley
Edited by: Kevin Heinz
Graphics by: Christina Locopo
Narration by: Jordan Smith
Supervising Producer: Jeff Morganteen
» Subscribe to CNBC: cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: www.cnbc.com/
Follow CNBC on LinkedIn: cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: cnb.cx/LikeCNBC
Follow CNBC News on Twitter: cnb.cx/FollowCNBC
Follow CNBC News on Instagram: cnb.cx/InstagramCNBC
#CNBC
Why Youth Unemployment Is Surging In China
same here... i have a degree in accounting from one of the top schools in china... After 2 years, i still couldnt land an accounting job. I applied for 500+ positions. I only got 2 interviews. I got burned out in the end, now i just work as a waiter/server in a hotel. It's not necessarily im not competent enough, but when there r tens of thousands of qualified applicants, HR can only do so much to pick their hiring. They r not gonna look at all the applications. So u really need to have some luck in China to look for the job u want
Yes i use VPN to watch youtube from china. Its common.
It's time to start creating companies rather than waiting for companies to hire you. Chinese people 1 generation ago with no education and no money dove into entrepreneurship. Create your own future!
Hmm. Peking or Tshuang?
@rennoc6478 you know he is not Chinese from China. His English is self-explanatory!
@@Western_Decline Exactly
@@drewh3224 As an employer, people have different personalities (strengths/weaknesses). Some are creators and some are maintainers. If you're not a creator, you have to find someone that is as a business partner. Just saying that someone should be an entrepreneur is a bit myopic in the sense that not everyone is mentally capable of being one. Just as some people are fantastic janitors but horrible accountants. Some traits cannot be learned.
I think world has become very unkind to the young graduates in every part of the world. I hope this changes as it is resulting in alarmingly high levels of depression and hopelessness among young minds whom we call our future. They are not even able to afford anything and even dreaming for them has become a painful luxury.
We (I mean companies and businesses) simply need more cheap labor not skilled labor.
What was supposed to be "easy ticket" to jobs became filled with competition
I blame parents convincing their kids ino getting a degree because they think it will help them. I also thinkk there are a lot of useless degrees that should deleted or made into apprenticeships.
@@brenttrotter88you can't blame parents unless they picked the career.
@@eng3d not about the career but the fact "they have to go to uni or you'll be a failure at life".
bcs geriatric dinosaurs still run world, and wont let it change, wont let to young new gens with new ideas, first of anti capitalist ideas
I think that gen Z around the world is tired of putting up with BS corporate jobs so far.
We all live in a digital connected world and Everyone one is realizing, that we are all nothing but Wage slaves, who would want to even have kids if that's also going to also be there're future.
I agree.
In US, they can get a loan/VC and open businesses. That has always been the case. If you don't want to work for someone else, then work for yourself. But if you can't convince people to buy your stuff, then you have no rights to complain.
@@axa3687 You can get a loan but you can also get denied a business license hahaha.
@@jason4275 What? It takes minutes to open a company. No one gets denied unless you're a criminal or something. You also can get VC if you have a great idea.
They don't want to give jobs to young people then they wonder why these young people don't want kids 🙄 how are they supposed to feed and educate their kids if they don't have any money???
Lol isnt youth employment the bog reason why the world exports to China
they want people to have kids and go destitute, bc then the parents and the children will have no choice but go to the factory, all the educated people rich enough have moved overseas to earn there
Please stop making financial plans and start fucklng. The capitalists need new cheap work slaves.
That's the difference between china and western countries: Unemployed people her get even more children and then complain they cannot make end's meat because they have children to feed.
😂😂Why aren't young Americans working? Why are they living with grandparents playing video games and smoking pot in the basement? YOUNG Americans REAL unemployment is 40%! WHY ISN'T ANY AMERICANS WORKING? thats the bigger question....
Are you telling me that qualified applicants that send out 200 resumes and get no job get discouraged? Im shocked. I dont imagine firms intend to hire these people even a year after they graduate so i guess their future labour pool will be cut in half.
That is my experience in usa. Sure its discouraging, but there is no alternative.
Sending out blind resumes is more a method of last resort to get a job. In an economy like China's the best method is knowing someone within the company. Then some type of mentorship or internship program. There is also the issue of fake job postings by major companies, so they look like they are healthy financially.
I find sending out resumes is a time-consuming process if you want to be hired. It's not something you send out a generic resume to few hundred companies hoping for a bite. Each one takes researching the company, looking at their corporate jargon and incorporating that into your cover letter (add the company's core values to your letter), and sampling out all the skill keywords and putting them into your resume. With this method, I usually at least make it to the hiring recruiter and get a callback for 1 in 10 resumes. I also send out generic resumes to jobs I am not interested in or don't think I have a chance at getting. Usually, the response rate to those is 1 in 1000.
they're applying to wrong jobs. blue collar sector is looking for tons of workers in China.
@@emptiester In China it can be thousands and no job. Blue collar sector is thriving they want young workers, but young people aren't taking those jobs. In China blue collar pays more salary, but they still won't take those jobs.
send out at least 2 a day for part time work it will work eventually
My nephew got his masters degree in computer science from a respected university in China, he was unemployed for more than 3 years, eventually he found a job but totally unrelated to his education and with a lower salary, the job market in China is in a pretty bad situation.
How could An Indian have a nephew in China ?
What made him different from anyone else?? That's the issue. People think, oh I have this degree and MUST get a job. Nope. You have to have other qualities, aka soft skills to be more valuable to the few jobs open. I only have a bachelor's in engineering, I'm 28, and now manage a group with many having masters and up.
@@djm2189A lot of getting good jobs comes down to passing you reading through ATS systems successfully.
@@yeetian2774hahaha
@@MK-lh9rv I saw him in all English Anti-China news and Indian news…
I am Chinese. The reason is now the China is unlike before, the crazy surge of wealth come from real estate and e-commerce is ended. Also most people are almost the same when they graduated. Those graduated students may not have the experience and skills that employers really need.
Words from a Chinese (American).
U wanna get married
1) Xinahs problem. Not our problem. 2) China and Xi are toast. Decades of BS bla bla subsidised prestige money burning idiotic 'infrastructure and real estate development' programs and given away and dumping trashy inferior always 'kaputt 'often dangerous banned in abroad export markets produce and services. More like everything for almost free; pirated often 100% fake or non existing, hyperinflation over debted type (export and consumer ) goods and services nobody thus needs or wants. Ergo a imbecile top down commie national socialist type economy and state and local government kleptocrats, roming off and stealing revenue with crazy CEO management salaries and bonuses and bizar overpriced - though nobody wants or can afford to live there or in it - money laundering real estate 'projects' in China and oversees, bought or developed by Chinese abroad: killed it further. And I warned XI, stick with one child policy, more then a decade ago! And wages for the average mr and mr Wong are way to low and labor conditions that leads 'workers' drop out for health reasons to early from the labor market .! Plus that for geopolitical reasons and universal human rights issues; nobody decent in this worlds wants to have anything to do with China. All of this, and the Xinas subsidised EV frenzy nobody needs or wants, killed it! That now the average millenial Chines is married to his or her sister or brother, or cousin plus a 'healthy dosis cocaine or Fentanyl, speed or crack' etc, doesn't help either (And no i'm not trying to be funny). In short: Obvious bad 'policies' killed the Chinese economy 100%. O and let's not forget skyrocketing Krypto lending / debt.
@@Artist1974CHNah. The subscriptions check out
A Chinese talk about China, so it must be true. LOL😂
“Lying flat” is a Chinese slang term that means to take a break from work or to reject the pressure to overwork.
The term “lying flat” is also known as “tang ping” in Chinese. The “lying flat” movement began in 2021.
The movement calls on young workers and professionals to reject the struggle for workplace success.
The movement's adherents are tired of the stress of working long hours and the pressure to keep climbing the ladder. Some see the movement as a warning of impending Japan-style stagnation.
The “lying flat” movement has since morphed into the more extreme “Bai Lan” or “Let It Rot”
What's the point in pursuing a higher education there if there are not enough jobs to employ them?
@@upthedown1 Better spending time learning how to 3d print guns.
When everyone is pursuing higher education, the higher paid jobs will then be car mechanic and plumbing. It's the same issue everywhere, everyone want their kids to work in a cubicle in the middle of a skyscraper, no one is willing to have their kids be the construction workers that built those buildings.@@upthedown1
Most importantly you wouldn't get paid based on the work you have done
Lying flat doesn't mean they don't get a job. Lying flat simply just mean they get work-life balance and not working overtime. You guys misunderstood lying flat.
Being a child has always been a profession I have aspired to. I actually think I have achieved it! Being an adult sucks...
grow up
@@barrelrole Its a joke on how they call them "professional children" in the video
@@barrelrole being an adult is just playing house but with taxes and mortgages.
Well that’s why y’all gain the most status globally… a child with a gun. We know everything
Connections and networking is the only way to get your foot in the door these days
But blue collar sector in china is hiring like crazy. it's so bad that in Guangdong province they're brining in Africans to take those jobs. They need to fill those with young Chinese instead of africans.
Sure but the trick is finding a network of useful people with real power in the company in terms of hiring. A friend of a friend at a company who sees the job and thinks "company is hirng" are next to useless.
@@asadb1990 Don't forget company culture, you gotta fit in other than merit.
Fact if your uncle work in some company you can get a job without interview
Imagine being highly educated and your culture puts more emphasis in hiring only the fresh graduates.
Young too. Chinese companies are known to fire and refuse to hire anyone over 35.
So their government did this on its own. Bad leadership, and we all suffer that sometimes. @@doujinflip
@@doujinflip It's bizarre that China is communist which is supposed to care about people, fairness. US is capitalist which is supposed to be ruthless, darwinistic. Age discrimination is illegal in the US. Openly (proudly) practiced in China.
It's like China is a perverse form of capitalism. "Anything goes.... as long as it benefits the elite -- who pander to 'collective' imperatives."
@@doujinflip “refuse to hire anyone over 35.“ You're lying. Despise from China.
l'm confused at what you're getting at?
Their youth unemployment is most likely much higher than 20.8%. They count 1 hour of work per week as employment. Figures might be close to 40%
Edit: Sources are WSJ, Bloomberg, Fortune and more. Don’t take my word for it. Google it yourself.
Yeah that's a wildly low entrance. Bet they did it to skew the numbers in their favor! Old saying, garbage in, garbage out 🤟
Most countries count this way and none actually works just a few hours
@@djm2189 you just like a frog in the well , a person with narrow view
if you are not looking for a job you are also not included in the unemployed
@@iamagireally? Wouldnt it be part time work, u can still get unemployement if u dont work full time right?
I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful; By Warren Buffet.
Absurdly good advise as my mouse lingers over that sell button. I SAY NAY' i shall hold until green again .Lol
As a rookie holding a winning trade is difficult, i was afraid of losing profit, same as holding a losing trade, i always prefer not to accept the loss and hope it gets back to even so i can get out with no loss. With Michelle Christine Parker, as a professional mentor i was able to know a good market to invest in.
To help me prioritize on other things of life; I have been researching on a consistent and reliable portfolio manager to invest with and make good money..I hope Michelle will be of a help.
Thanks a lot , I just googled her up
@BillAdamson only a trial will convince you!
I'm Chinese,and I can telling you guys that's more than that,Substantial wage arrears and worker insecurity and growing corruption and government surveillance, unemployment youth it's already like 40% ，Because the statistical method of the China Bureau of Statistics is that as long as you have money in your account, you are not considered unemployed. You are counted as a freelancer. This means that if you cannot find a job, you will not be counted as unemployed even if you get dozens of dollars begging on the Internet.
ancient china got it right, when en emperor died his concubines went with him. got rid of the junk and left more doors open for the younger generation.
百分之四十夸张了，你要是失业了我可以给你介绍个工作，来我楼下烤鱼店当厨师，我前几天还看见他们在招人
动动你那想想40%失业是什么情况？德国1930年失业率也才33 发生什么你不知道？中国 多少人40%失业率 你似乎对数字没概念？
The CCP has entered the chat.
I agree with you, when CCP tell you 21%, you KNOW it’s much higher than that
Bubbles burst and reality unmasked. What else.
China needs to be growing 8% in jobs every year to keep up with the fresh new college graduates
They can grow by 8% in jobs but those jobs based off the vid are in the low skills service industry. Which I guarantee you they wouldn't take. Thus upside down.
@@djm2189 That's College/University graduate jobs.
There's likely a vast number of people graduating high school and living in rural areas that have not been modernised or connected with highways and roads, several decades after the 1970/80s. They grow up in these villages with no upwards or sideways mobility to gain transport out of their villages to work for agents or working co-ops. I'd imagine a lot of places never got past being wired for phone/electricity, or had paved roads or access highways for goods. Not enough value was given to build tunnels or bridges out of these places when airports built near rivers would suffice.
There's just seemingly urban 'underemployed', vast numbers working 2-3 hours a week to fill the numbers, clean shelves, sweep the paths, hold signs, move goods, deliver food, etc. and these people aren't in their teens of 20s, they're in their 30/40/50/60/70/80s etc. filling in the labour gaps for low, low wages. Why pick up a skilled applicant when you can hire 40 people for the same wage as 1 qualified person, and claim it's for 'prestige' or 'exposure', or 'work trial/experience'
There's still farmland and mountains around Beijing, FWIU ~2 hours out, that has not been adapted into Urban or Suburban wealth/mercantile districts, likely because the area would require a Massive investment in commercial and industrial incentive programs, i.e. why build a factory when there's no road to move the goods in or out, no airport, no railway, no staff, power/water/gas might not be connected, no lodge/residents that would move 2 hours out of town, et al. And, you'd have to pay off a grand number of local bureaucrats to get permits and allocations for Utilities, power, gas, roads built, airports, cable/internet, etc.
It sounds simple, but a lot of that period of time where urban diaspora would normally evolve with needs, has been artificially created, so when the growth stops, the planning also stops, and there's no buffer to move people into new community areas at a lower pay grade or lower skill set to cultivate new growth.
Especially if you need a huge number of people to just pick up their lives and move into the middle of a new-build starter village that doesn't have schools, is 95% highrise apartments, 0.1% shops and 1-2% industrial areas and 4% government buildings. Except, nobody's in the government buildings. Colossal failure on top of greed and wealth disparity.
I think this is a real issue in the west as well. Many of the kids graduating from university can’t find jobs. This is weighing heavily on their mental health.
the difference here is in china, these people are graduating from top of their class in ENGINEERING, DOCTORS, LAWYER, there are too many of them lmao, where as in the west u got too many people graduating with useless degrees that are useless in a capitalist world.
And the boomer cartel controls politics, so if they find any sort of job, they need to hand over most of their income to taxes and rent while the boomers are living large and partying.
Lol because in the west people are getting useless degrees like gender studies 😂
it absolutely is but the media always have to shift our attention away from our own problems so these fat cat CEOs dont get pressured to pay their employees more. All media is literally owned by 2 of these fat useless cats.
many 16-24 years old are in universities🤣
The youth unemployment in China should be close to 40% because they don't include the country side young, only the cities.
Please care about your own issues) 😂 don’t worry about China )
Dumb take when you know worst conditions is Greece and don't go to 40%
@@hebin217it's a problem for the Chinese students in the US. My nephew who just graduated in the US can't go back to China because going back to shanghai means unemployment. As a result, my cousin has to pay him to stay in school. Every Chinese in the US are sharing stories of how bad the economy is in China right now.
You actually believe the communist government? I've got a bridge in Brooklyn to sell you.
Hiding, manipulation, and secrecy will soon be exposed to the world.
I don't understand why youths and adults are still poor when they have a smart phone and great opportunities on how to make money💸
Everyone needs more than their salary to be financially stable. The best thing to do with your money is to invest it rightly because money left for savings always ends up used without returns
I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
@@indiaculture5166I'm enjoying working under a platform that brings good return in my life and I've been making my weekly returns without stress all in cryptocurrency
@@indiaculture5166Learn and trade under a guide I do same and I hardly make losses in the market
Starting early is the best way to getting ahead of build wealth, investing remains the priority
Since 2000, China's economy has been in a phase of continuous growth. In the past 20 years, China has not faced a true economic crisis, even during the 2008 global financial crisis. Therefore, this current situation presents a real challenge for China. If resolved successfully, it could propel the entire society into the next stage of development. Twenty years ago, China was primarily a country focused on primary processing and manufacturing, with low technological and capital thresholds. Most people could benefit from it. However, China is now undergoing a transformation into an advanced manufacturing nation, with companies across various industries upgrading their capabilities. At this stage, ordinary people may not immediately enjoy the benefits of this transition.
That last comment is interesting, especially since how, about 100+ yrs ago, students of traditional Chinese Confucian schools found themselves over-educated and unemployable in a changed world
Overly educated and unemployed. Haha
Qing government stopped Keju examine on 1905, which has been on 3 year schedule over the entire dynasty.
Students didn’t wait 2 full cycle before going berserk and revolution started 1911.
This is why it’s ok to push back against your parents if they insist you go to college. There are plenty of in demand trade skills out there that can earn an income.
@@magesalmanac6424 College doesn't guarantee a better income, but it does give your many more options. Besides, many benefits require you to have a bachelor or at least an associate degree.
@@magesalmanac6424more Chinese propagandist nonsense trying to hurt the US
you didn't mentioned the fact that the wealth of Chinese government basically relys on real estates
No it doesn't, they have accumulated a massive war chest, a strong manufacturing base, rich in rare Earth minerals, a public wealth, with allot of those SOEs in the resource sector pulling in profits. Real estate is only a fraction that has always been driven by speculation.
@@linusmayden8465 It does, reality can be avoided except the consequences of avoiding reality cannot be avoided.
Why is most of Chinese household assets and GDP in real estate and not equities? -The_Expidition
They dont trust the stock market. They trust a product they can touch - but maybe too much. -Patrick Boyle
65% is in real estate 20% is in bank deposits and cash, 8% is in insurance and pension, 4% is in stocks and mutual funds, with 3% in other. Source: Noah Research
ruclips.net/video/uyzZW6fpzik/видео.html
@@linusmayden8465really? A third of national GDP is considered a “fraction “?🙄
@@HoangTran-wu6se The property sector needs to shrink, it's BS speculation and over valuing, idk where you're getting your 1/3rd of the sector from but a huge sector of China is still industry, service sector, finance, I.T., etc. Construction alone doesn't fall under just "real estate," that's less than 15 percent of the economy, the Chinese government uses its funds to build infrastructure projects through their SOEs which would fall under construction.
@@linusmayden8465Yes all the industries such as service,,finance, IT are all fuelled by a construction and real estate boom, they will all suffer now because of this property collapse
You used the same exact audio clip twice? That's sloppy work...
Hah I came for this comment.
I hope the best for the Chinese people. The world needs less struggling and hardship. Love from America.
BRICS don't accept the dollar, it devaluation, or it's sanctions.
US is terrified of BRICS removing it world trade status at %50 of the dollars global use.
Until they start outsourcing to China and take your job then next thing your screaming Trump 2024
... You hope? Hope? You can make a change by Hiring them, *Just* *words?*
Aww so Sad, did you eat SanluGutterOilToo?
@@tiefblau2780 Removing China's workers from their economy doesn't fix anything either.
Ignore the negativity, having people with the mindset like you will shape the world into a better place in the longterm. Thank you!
People are like money; they go where they’re welcome and stay where they’re well-treated.
Advanced economy governments should take note.
Parroting what you’ve heard, obviously from the first sentence. Doesn’t even make sense😂
Isn't the same thing happening here in U.S. also? There are little to no companies that want to take a chance of a young mind with no work experience these days. Hence experience > degrees.
it's not compatible, they are not getting jobs because the jobs are not there
😂😂Why aren't young Americans working? Why are they living with grandparents playing video games and smoking pot in the basement? YOUNG Americans REAL unemployment is 40%! WHY ISN'T ANY AMERICANS WORKING? thats the bigger question....
Not really in the U.S. they are usually happy to hire the young graduates because they will pay them less than the people with experience.
@@seymorefact4333Where the heck is that? Young able bodied Americans Are working and not living in their mom's basement !
@upthedown1 where are you? Either living at parents home or on the street in a tent. Both young and old. I'm in an upper middle-class neighborhood in Dallas. Neighbor across the street graduated with MA is Corp accountant security ... can't find a job. Original offered by kpmg... they change their mind due to the unknown economy. On my block, we have 3 college graduates who can't find a job. Living with parents for 1 yr already. But, if you Live in 92010... you don't need a job. Lol
There has been youth unemployment problems in China every year since I can remember. I think probably this year’s situation is not anything different from years past, but because of high visibility lay-offs from the tech sector, people paid more attention to it this year.
High school and post high school education has to shift towards skills, trades, and useful work. Give people skills not a B.S. in education.
Funny, because in China, most students are going into STEM majors and attaining STEM degrees, and they aren't able to get a job. You might be talking about other countries and NOT China. Lol.
What you propose is a return to feudalism _à_ _la_ "You will own nothing, and like it."
@@Mark-4158 shut up magat
Well education degrees are still needed many teacher jobs require it ....teachers are still needed to teach the kids
No. What he is proposing is a focus on the Blue Collar Skills and Trades that will always be in demand e.g. Electricians, Plumbers, Welders, Carpenters, elevator repairman, HVAC Repair, Auto Mechanics. The University degree is overrated, especially if it saddles you with a mountain of debt with no guarantied job. @@Mark-4158
You're right. As a Chinese person, I believe there are three main points:
There is an imbalance between the supply and demand of talent. China produces a large number of high-quality talents every year, but there are very few job opportunities available.
Too many people who shouldn't have received higher education are getting educated. While this helps stabilize society from the government's perspective, it wastes productivity for societal production.
China's position in international affairs is ambiguous, resulting in consecutive economic sanctions (although I personally feel that even if the position is right, there may not be many benefits).
The most significant issue is that for the government, stability is crucial even if it means sacrificing the happiness of the common people. Therefore, policies are designed to benefit national development, but they may not be favorable for individuals.
One minute it's not enough young people leading to population collapse, next minute it's too many unemployed young people. Which one is it?
Or is it that the number of young people is dropping but the economy is shrinking even faster?
India too has a youth unemployment issue of around 20%+, and like China is doing now, they stopped publishing this data some time ago.
Indian youth unemployment is around 20 percent is joke...everyone wants goverment job... for 500 jobs there is 50k applicant ...
Didn't know that.
Workforce not only about government jobs
I recruit for my firm in India. I have pending vacancies for which i cant find able people. My recruitment strategy now focuses on women who took a career break and want to rejoin or guys who want to quit a toxic corporate life for a comfortable and a reasonable paying job.
I am also thinking of recruiting students from university campus who dont want corporate jobs. Everyday the work pressure on existing staff is increasing.
Not 20% but 60 to 80%
Everyone keeps throwing this 20.8% number around, but I find the age range to be quite strange (16-24). Why would a 16-18 year old have a job, are they not supposed to be in secondary education? And isn’t there a large number of college students? That would mean that substantial number of 18-22 year olds also would not have jobs since they are in college. Can anyone explains to me the significance of this specific age range?
That 20.8% number didn't exist before; that's the point. They're looking at the trend
I am not challenging the percentage, I am asking why is that specific age range being used to qualify “youth unemployment” when a substantial portion of people in that age group are not supposed to have jobs at all
@@brittlebeliefsactually, most people still can't afford college. That's why the work age is 18. So the 18-24 thing probably
sure, but even if that is the case (according to Statista 59.7% of the 2022 age cohort attended college) those two year would have huge impact on that 20.8% metric@@AchiraDasgupta
Unemployment rates only count those actively looking for work. So this covers recent graduates looking for full time work or teenagers trying to part time work. It doesn't count students who aren't looking for work.
this is kinda global problem
Nope 👎.
Not to the degree china got it’s self in.
But guess where it's worst?
@@E4439Qv5 : China and Russia most corrupt .
Chyyina
Yes, young people should eat bitterness, while Poo Bear eating that honey.
Why do people feel the need to get more and more degrees?? Because the jobs they currently have don’t provide a comfortable life. No one addresses this the job market today does not work for the majority
The graph at the 1-minute mark is the first time I've seen that it's actually worse in other countries than china. Thanks for that info.
Get out of the urban areas and start your own thing , that's how you will contribute as young person.
Considering the massive demographic decline this is a really bad sign. In any other healthy economy there’d be a labor shortage and employers would be fighting tooth and nail for talented young people.
Usually a sign of being 'top heavy' in industry that's declining in wealth/growth. A growing economy would hire more people because the business supports expansion.
China, can't start over, so the normal death, rebirth, renewal and growth can't be kept dormant or 'sleeping', especially if there's too much supply and not enough demand. The normal market trend is to deflate enough that new growth or new demand is possible. But, if you try to keep the market intact, that growth also has to be created artificially or via staged interventions.
And, yeah, with demographic collapse, i.e. aging population, urban sprawl and debt/bankruptcy starting to push people out of cities, they are going to face a structural change in the population density. People will move out of dense cities when there's no opportunity. They probably would already have done so, except this is likely being prevented as well. Residency is controlled heavily, to keep economic indicators. A city that has no jobs available... looks successful until you start seeing riots, high value crime/thefts, moving trucks and bodies in the streets. not in that order. People will push against restrictions when they can't leave or go elsewhere and they gain a purpose or message. And that's the next decade in big cities. Either the upper class and middle class unemployed leave, start something/somewhere else, or they pull apart the walls looking for options.
Eternal Growth isn't viable without steady expansion to support collapses and allow for a smoother path to failure/obsolesence. That's where China is now. They don't have that ramp or step to take to slow down the economy artificially. That stagnation can't be held forever across a wide range of industries and utilities. There's not enough 'escape valves' that can be pulled to start new growth, except perhaps war or debt consolidation/obscuring. Even then, War/Trade footings also require participants who need 'stuff'.
Which is probably the third world at this point, there's not a lot of places that have the kind of trade volume china needs to grow and allow the normal volume of trade they've been used to handling. A depressed economy that has Delusional indicators, can really only rely on debt or credit loans to prop up businesses that aren't allowed to collapse. The lack of circulating money, slowly and inevitably drops value, but it takes a lot of collapse and defaults to reduce the purchasing value. If the market is being 'buffered', prices can't drop, and growth/supply can't resume. The normal demand also reduces because people don't have the same available income and luxury goods, utilities, investment and loans are going to suffer.
When operating costs keep increasing due to debt/income loss, there is usually a need to move, contract or stop. When the market contracts, or there's a serious banking/government problem with spending, growth/planning is artificially stopped, hoping that the market will rebalance or prices will adjust to demand/supply levels.
i.e. Seniors aren't leaving/retiring due to economic depression, so they won't hire new staff or start new projects that need trainees or extra labor.
Execs stick around to gain more benefits, or simply to pay rising costs at home, or to pay off mortgage/loans/debts.
New staff won't get brought in when there's division losses, and because there's nobody leaving, and nobody is making enough to expand, the business has to slow and contract, or drop staff and contract. Usually both.
There are often 'base' industries that can survive a deflation/depression, but China isn't a normal economy, it has too much pride/face, and too much invested in government support, so it can't rely on protectionist or nationalist spending efforts to buffer the economy. Not unless it wants to bolster the youth market and focus on the middle class being moved into new areas.
Labor shortage? India, which actually having good economy growth also having same unemployment rate right now, why?
Because somehow, these media totally looked over the fact that both India and China is not what they were few years ago, both now have more educated young workforce, which means they wont apply for factory workers but office workers while their economy is mostly focused on manufacturing jobs, obviously it will be a problem, but in a short term
If this keep happening means worker cost in sectors that need educated workers like IT and finance gonna be plummet,this create growth for those sectors which cause transition from manufacturing economy to service economy
Exactely: it would be bad in poor African countries where there are too many teenagers competing for jobs, but it's extra worrisome in countries like china that don't have an oversupply of young laborers.
@@mobiuszero2424 Services for who? :)
What if there is no one child policy since 1979? There will be much more youths unemployed now and would be really really bad
And so? u support China’s one child policy??! 😆
if the CCP actually survive this current catastrophe the 1 child policy is gonna bite them in the ass next. because it has tottaly destroyed the Population pyramid. China is Gonna have way to many elderly people in just 3-4 decades. compared to the amount of young people. This even happens in well developed Countries that dont have insane Communist policies.
At least there will be more babysitting and school jobs.
Do the metaphoric math: Year 1: 100 top-qualified applicants employed of 1,000 freshly qualified applicants. Year 2: 10 top-qualified applicants employed of 1,900 recently qualified applicants. Year 3: 2 top-qualified applicants employed of 2,890 recently qualified applicants. There inevitably comes a painful point where an expensive education is not really needed to fill available positions. This problem does not only apply to China.
Exactly, people believe that this "degree" will give me X job. Used too when the market wasn't flooded, but now you have to still have that degree but also soft skills that make you more attractive. I only got a bachelor's in engineering but now at 28, earn $115k and hardly work 30hrs/week. Meanwhile many people I know with masters work in low pay jobs. You've gotta have that edge or else what's the difference between 2 people with the same qualifications?
That assumes no economic expansion...but I get your point.
@@robertz768 In actuality, Xina is undergoing economic shrinkage. The assumption is that whatever the company, hiring is strongest close to inception.
@@djm2189 It's sad because apparent demand at the outset of a 3- to 4-year degree too often shrinks to almost zero demand upon graduation.
@@compassroses yes, at the moment, but this talks about year after year.
Younger people are waking up, and no one wants to work for a low to mid wage
sounds like a great way to put food on the table & a roof over your head
@jamms2966 I'd rather live in a tent then work hard all my life and have nothing in the end. At the very least I'll be stress free. Living paycheck to paycheck and managing debt is not a life.
@@karimmouselli4408 you should live in a tent then. what's stopping you?
@jamms2966 I live in a cabin actually, I got a little green house for veggies and I eat what I hunt. How about u?
Quite true, there are many Chinese who would rater quit and spend their money out after a while in work before getting a new job, and some dont even do anything , just stay at home playing PC games.
so many chinese bots in the comment section
Compared with our problems it’s nothing!
In Canada, you will be surprised if you know how many Uber drivers have their Master degree. We are living in a world that educated people could not find jobs in their field.
Ask them in what field they have a masters in, if it is not compatible with the current job market they will remain unemployed
Kudos to CNBC for being brave enough to report on this! I appreciate it -- first major outlet I've seen covering it
brave enough? they put taiwan as part of china... how shameful
If a person has no form of education, he or she would believe any crap from MSM sources like CNBC.
You could tell that the video is unbalanced because CNBC doesn't have any reporters in China so all data available is open for interpretation. The video won't mention American youth unemployment which has the same levels as China's or that if China's trade is down so are its trading partners as it is correlated.
@rcbrascan wow... both of your first two points are 100% wrong..
And it's pretty well known that China is the worlds factory.. you definitely hear on American media about how a slow down in China can affect the U.S. economy/ stock market.
Not sure why you just pull things out of your ass.
@@rcbrascanAnd if CNBC doesn't have Chinese reporters, then who is that a 0:31??
As far as I know unemployment rates in New York are rising, and in my experience it's impossible to find a job without work experience which you can't get unless you're hired and these are just mere jobs that do not require degrees.
Opposite problem in California. Everyone and everything is hiring. Being unemployed here is a personal choice.
@@razorburn7745 I'm sure it also is because the wage there is horrible compared to the price to live and I think more people with skills live there while people who are unskilled are unable to sustain a life in California. Would be a nice problem to have here though 😔
@@razorburn7745 yes but nobody can afford to live there with those wages, so no wonder everyone is hiring.
@richardm7713 Very true! And what really sucks is when you get a job that pays you enough to live somewhere, the taxes taken from your paycheck puts you back to square one.
@@razorburn7745 Only small businesses, but no one is going to survive on those wages. Getting a decently paying job is extremely competitive and difficult everywhere.
The issue has been getting so much attention that China decided to stop publishing the data altogether. Experts point to several reasons for the slow pace of hiring for recent graduates, including an imbalance in supply and demand for jobs that require a college degree and the impact of the COVID-19 pandemic on the economy. Meanwhile, investment in real estate has plummeted, and policies from Beijing have forced property developers like Evergrande and Country Garden to default on their debts and eventually file for bankruptcy. Consumer confidence has been declining since the beginning of the year, and the service sector has been particularly weak. Imports and exports to and from the country are down in most sectors, and the Chinese government has cut interest rates in an effort to contain market volatility during the economic downturn.
Thank goodness.
😂😂Why aren't young Americans working? Why are they living with grandparents playing video games and smoking pot in the basement? YOUNG Americans REAL unemployment is 40%! WHY ISN'T ANY AMERICANS WORKING? thats the bigger question....
@@seymorefact4333 The whole world is not working. Every one is struggling and it’s showing. Blame a lot of these big corporations companies that are pocketing and taking advantage of inflation while not paying its workers to live, eat and pay bills without go broke from pay check to pay check.
@trevaye8125 the USA govt hooked consumers on cheap money to borrow with low wages. A plan backed by USA Corp which owns our govt. Now, being exported to the rest of the world.
@@seymorefact4333 Your comment is based on false assumptions and misinformation. The real unemployment rate for young Americans (ages 16-24) is 8.6 percent as of August 2023, according to the U.S. Bureau of Labor Statistics. This is lower than the peak of 14.9 percent in April 2020, during the height of the COVID-19 pandemic. Young Americans are working hard to overcome the challenges of the economy and the pandemic, and they deserve respect and support, not insults and stereotypes.
Youth Unemployment is not a problem. Their parents will look after their childrens even they are 40years old. It is Chinese culture!
..USA is concerned about China's unemployment, but not concerned on USA's tens of thousands of homeless living in squalors on American streets....
No mention of the job guarantee to potentially help with the youth unemployment issue with China.
CNBC churns out daily videos just for the algorithms to stay active, their production quality dropped quite a lot.
The statistics might be already after such "job guarantees". Chinese universities are directed not to confer degrees until the graduate has a job lined up, and so enroll them on paper in some useless task to check the box on the 1 hour per week as their "employment".
I always like your content CNBC. Surprisingly balanced and impartial presentation.
Its gov. is trying to ease the lending which we did the same resulting in bank failures when customers can't pay back, plenty of housing (and EVs) available, exports are down, businesses are leaving, etc.
एक अनुमान है की चीन की अर्थव्यवस्था अब सिर्फ ७० लाख करोड़ रुपये की रह गए है याने की भारतसे सिर्फ दोगुनी और उसके रिज़र्व फंड १४०० अरब डॉलर के याने भारत से दो गुने जो की छे ६ गुनसेभी जादाकि थी
Let us look at the fact.
In the USA:
The University of Washington reports that after graduating, approximately 53% of college students are either unemployed or working in a job that didn't require a degree.
Now to the economy:
Growth of Chinese economy is “slower” than expected at 5.5% - China is going to collapse
Growth of UK economy “higher” than expected at 0.5% - wow beyond expectations
Growth of Germany economy “higher” than expected at 0.4% - fantastic
USA with 1.8 trillion printing of money grew 2.4%-wow amazing!
A lot of western media over hype all issues dealing with China.
Never look a what they say. Alwyas look at their actions. And China simply stop giving the data. An action that says more than a 500 page book full of words
I always like your content CNBC
So good
because most 16-24 are still at schools. Chinese are not like Americans who started to work after secondary schools. It’s funny to see many ppl pretend to be Chinese in comment sector.
Things in China are going so poorly one would think a cartoon bear is making all the decisions.
😉
It is between 16-24yrs. I don’t remember I had a meaningful job until 24yrs old, after my university. Before that only McDonald’s, Pizzahut, sandwich bars and coffee shops.
This shows China is changing, meaning no youngsters want to work in sweatshops after their secondary school. 🎉
Most aren't even graduated from school at the age of 16-24.
@@leezhieng Exactly. Statistics is one thing but interpretation of the statistics is another thing - there could be many other reasons including but not limited to (1)Chinese youngsters are spoiled by their parents; (2)the Chinese average family are rich enough not sending their children to employment for that age; (3)the youngsters don’t want to take low skilled jobs; (4)most youngsters are persuading higher education instead of talking up jobs; (5)Also there could be that the employers don’t want to hire youngsters because they lack of required skills (6) the job market is not good for youngsters.
Without the follow-up survey it is difficult to understand the underlying reason for this phenomenon, and we need comparison between China and other OECD countries and developing countries.
The youth unemployment in this video is the late teens and early 20s.
Dude, that's like the schooling era.
In America, a high school student typically works minimum wage and lives with Mom and Dad, and a college student may get an entry-level job that just requires a high school diploma, also living with Mom and Dad to save living costs. WTF would make 6-figures straight out of college these days? Get real. High-paying bachelor's degrees are usually in engineering and other high-stress, high-risk jobs. For everybody else, they may pursue a second degree, some kind of professional certification/exam, or some kind of low-wage labor. Keep in mind that low-wage labor isn't exactly useless. You can use that in a résumé and say that you have gained customer service experience out of it or maybe agility skills, or maybe your perfect attendance to work shows how diligent you are.
Why is CNBC so worried about Chinese youth unemployment? There are major concerns with homelessness, gun violence, unemployment, immigrants, inflation and economy over here in major cities.
Why should CNBC be so concerned when the real social and economic problems are at home and the collapse of the economy is fast approaching.
I am wondering what the economy of China in 2030 is supposed to look like when the country is too old and too rich to work in factories producing cheap stuff. India has a booming IT services sector. What will Chinese professionals be doing?
Continue going to 3rd world countries.
India is a failed state
India IT service sector? You mean the scam market telemarketers 🤣😂
Automotives. internal demand for services.
Maybe China will export parts and components to manufacture in SEA.
War with India, I suspect...
Why are we worrying for them when we are having the same problem?
资本主义国家常用伎俩--转移自己的矛盾😂😂😂
What about learning a labour trade instead of / in addition to higher academic eduation?
0:20: 📉 China's economy is facing multiple challenges including a youth unemployment problem, a slowdown in hiring for recent graduates, and a decline in the real estate sector.
3:12: 📉 China's economy is facing challenges with declining consumer confidence, weak service sector, and reduced imports and exports.
6:23: 📉 China's younger demographic groups, known as professional children, are facing intense competition for jobs and limited opportunities due to a shift in the job market.
9:18: 🇨🇳 China's focus on long-term growth through investment in technology, including AI, may not be good for job creation but is crucial for its economic future.
Recap by Tammy AI
China has foreign reserves of about 3 trillion. Ripping what ?? westerners and their lapdogs wish not gonna happen at least 20 yeasrs
Read Gordon Chang's 1995 book, it said all that convincingly, and so much better.
Cheap labour is the biggest issue which has been notorious for many years in this country whereas the living costs are going up so rapidly
ancient china got it right, when an emperor died his concubines went with him. Now there is a plague of old ladies. this plague takes the jobs, or the young people pay taxes to support them.
Still far away from Spain's youth unemployment
When a factory of the world produced too many graduates who dont want to work in a factory
Because the government didn’t care ordinary Chinese citizen……real estate collapse and debt in that field are very bad……they want baby but not providing anything……cost of living in Big city are ridiculous expensive…….the fall of Chinese society was predicted by MIT prediction in 1970….
1450
China is always collapsing. It's been collapsing upward for the last 40 years.
@@8600GTX官宦之家 权贵子弟🤡👈🏻
China has had these cycles of collapsing and rising though it does result in massive deaths ,starvation or collaspe
I think that is not only in China, also in many countries as Mexico.
I know that not everyone dreams of going abroad. But if you are well educated and your country is unable to provide you with enough good jobs, consider emigrating. Western Europe is aging rapidly, we need well-educated people here. Plus, after a few years spent in Europe, paradoxically, there may be an option to return to China for a good position. The worst thing you can do is waste time on searches that produce no results. In some European countries we did this, until the economy improved, people were wasting the best years of their lives in low-paid jobs. Those who did not wait and left gained the most. Years later, they came back with savings and got a good job because the situation had improved.
Is it that easy to apply for EU foreign worker pass?
@@CW91 big companies are helping with the process
Oh fun, do "Why Youth Unemployment Is Surging In USA" next!!! So excited for this series to take these issues seriously.
A saying in inner China describes the situation of planned economy really well:
In Chaos comes Control; In Control comes the Collapse; In Collapse comes Leniency; In Leniency comes Chaos…
This is why many advanced economy are with minimal gov intervention, because the free market, though with lot of other flaws, is most adaptive to the changing environment.
yeah 0% interest rate
Minimal gov intervention, export control?
Theres no free market for the elites. It's for the middle classes and poor.
lots of govt intervention in USA and Canada.
Too young, too simple
The fact that young Chinese don't want to continue making jeans, toys or assembling cameras for Apple mobile phones in factories is the reason for everything the video didn't mention. They need more Huawei sanctioned by the US.
And in the automotive sector, do you think so-called new energy and e-vehicles would be the mainstream of public opinion if the US and China weren't working hand in hand to impact the power of countries like Germany?
Wow! People don't wanna work, let alone work terrible, life sucking jobs. Who knew?
Education as such. Many students end up working and making living in the totally different sectors. That's life.
Why do we care about our own problems rather than caring about someone else’s problems? We are having $32 trillion dollar deficits and homeless problems banking crisis and gun violence and so on……
Someone also did a story on unemployment after a certain age in 🇨🇳 , like an educated & single woman over age 35 can't find work
Western nations are so concerned yet they won't allow talented highly skilled Chinese to apply for jobs in their countries 🤔
Because those highly skilled Chinese can be Chinese stooges favoring CCP. Nobody wants that trouble.
It's too risky, the chance you have someone infiltrate the Western Job market and steal trade secrets to Xi is too high 😂
I'm not sure what fantasy world you're living in.
Western Countries love hiring foreigners. Companies pay them less then they would it's own citizens. There are spying concerns but that's mostly it
Muito bom
So important to have a leader eith foresight and humility
Like Trump or Biden? Great!
they think college is the answer.
@@zehechen920 You need to finish high school English first, Bubba.
A degree is useless if there are no jobs for it
@@zehechen920 The specific names of languages are proper nouns. This includes words such as English, Mandarin Chinese, Spanish, Latin, German, and Russian.
Its called automation. They have it in banks
You work hard and study away your whole youth just to not get a career as a reward for all your efforts. How cruel.
Same problem in Australia.
those youth unemployment are high educated with college degree. The government punish heavily their tech industry such as Alibaba. Also Chinese ambition and aggression would limit foreign investment especially from Western countries. Xi Jin Ping common prosperity also cause issues as well.
Who the hell graduated with college degree at 16-24? In China most are still in high schools at the age of 18, started college at the age of 21, started degree at the age of 23 and graduate around 27. Of course these youths are unemployed because they are still studying?
I sometimes wonder if these unemployment figures are true. This is because, the population figures may have been inflated by local governments to get more funding from the central government. One study (don't have a link to it) found that these figures may be inflated as much as 10% which means there might be reported figures for 100 million people across China that don't exist. If this is true it will mean Chinas demographic issues with the 1 child policy will come a lot sooner.
Ryan, China’s youth unemployment figure at around 21% is not true. The true figure as I have read is around 46%. In the U.S.A. and E.U. the figure is 10%.
China: A 21st Century Paper Tiger
It's plain math, so many graduates each year, not enough jobs. Don't get married and have kids, you will make the situation even worse.
According to the Chinese, external socio-economic factors don’t matter. Discipline matters. Intellect matters.
According to the Chinese, success eludes other nationalities’/countries’ youth because they aren’t as hardworking or smart as the Chinese. Aren’t all Chinese nationals brilliant? Aren’t they the hardest working people in the world? Work harder. Make some attitude adjustments. That’s their advice to the rest of the world. They should take it. “Eat bitterness” as their elders recommend.
Eat bitterness is old China. Let it rot is new China.
How could you not have mentioned the US sanctions against the Chinese tech sector?
That’s the main reason Chinese youth unemployment is approaching 50%.
What about their shrinking population? What about the fact they’ve overestimated their population by over 100 million?
😂😂😂😂 go to school kid
i don't know, because most youth are still studying at the age of 16-24?
@@leezhieng Yeah youth unemployment are looking ok in other countries like Taiwan, Malaysia, Singapore etc. Then you have China have like so bad number.
Stop running away from issues, propaganda won't do you any favor. 中國食力
The same old story: there is fewer employment and so people consume less, therefore leading to more paying jobs disappearing, and so fewer people consume, and so on and so forth. No employment with a decent amount of disposable income equals no consumption.
Incrivel!
Surprisingly balanced and impartial presentation
I think China's growth forecasts are not taking into account the fact that there are several crisis converging into a perfect storm.
"Eat bitterness" is simply Xi's adaptation of Marie Antoinette's infamous "let them eat cake" remark with Chinese characteristics.
I am a millenial born in korea and living in the US. Older people, especially parent generation always said what happend in Japan about 10 years ago happens to Korea now and it will happen in China 10 years later. Not perfect match but college grads either give up job search or go to grad school just to delay current job market is pretty much what was going on in Korea little over 10years ago
China is advancing economically. In an effort to fill out certain high-yield fields like tech, they pushed a generation towards these sectors. Now they have a misallocation of workers. A full economy takes a balance of workers in many sectors. Using other nations as an example, this usually means a growing need for physical labor jobs. The issue is the devaluation of these jobs by college educated people who make decisions on compensation. Most of them cannot work in a field for 8 hours a day or perform a myriad of skilled trades. In the US this compensation is being adjusted as trade jobs like Truck Driving, Construction, and Utilities pay higher than most low to mid level tech jobs.
The other issues China faces is its Communist system. For all the workers necessary for a healthy functioning economy, they are all secondary to the Communist Party. No matter how successful you are in China, you will never be able to have a higher quality of life than a member of the Communist Party.
Given China's belt and road initiative, there is opportunity for young people abroad.
1. Some countries are pushing back and wanting out of belt and road
2. There is racism abroad and some Chinese can’t find work in other countries
Just want to tell you one thing, a random rich guy in China can buy whatever luxuries he can afford, but not a single government officials of CCP dare to do so in public.
1) Xinahs problem. Not our problem. 2) China and Xi are toast. Decades of BS bla bla subsidised prestige money burning idiotic 'infrastructure and real estate development' programs and given away and dumping trashy inferior always 'kaputt 'often dangerous banned in abroad export markets produce and services. More like everything for almost free; pirated often 100% fake or non existing, hyperinflation over debted type (export and consumer ) goods and services nobody thus needs or wants. Ergo a imbecile top down commie national socialist type economy and state and local government kleptocrats, roming off and stealing revenue with crazy CEO management salaries and bonuses and bizar overpriced - though nobody wants or can afford to live there or in it - money laundering real estate 'projects' in China and oversees, bought or developed by Chinese abroad: killed it further. And I warned XI, stick with one child policy, more then a decade ago! And wages for the average mr and mr Wong are way to low and labor conditions that leads 'workers' drop out for health reasons to early from the labor market .! Plus that for geopolitical reasons and universal human rights issues; nobody decent in this worlds wants to have anything to do with China. All of this, and the Xinas subsidised EV frenzy nobody needs or wants, killed it! That now the average millenial Chines is married to his or her sister or brother, or cousin plus a 'healthy dosis cocaine or Fentanyl, speed or crack' etc, doesn't help either (And no i'm not trying to be funny). In short: Obvious bad 'policies' killed the Chinese economy 100%. O and let's not forget skyrocketing Krypto lending / debt.
@@carlwei7559 will but those officials actually do and you cant really do anything about it, have you read the news?
@@damnpeggy8454_That_ kind of news either gets taken down in China or is kept from catching on outside of it.
If those theories regarding A.I - which posit a lot of job losses, including among the middle classes - come true, are we perhaps likely to see qualified people from 'developed' countries moving to 'developing' countries instead of working in their home economy, because their labour is still valued there?
Or will A.I. innovations just be quickly shipped to those developing countries too?
Great questions. I lived and worked in China in marketing. The pay was okay but the cost of living was so low that it didn’t impact me
The effects of "AI" (Machine Learning) on jobs has been wildly overstated, first by ML companies looking for investors, then by news outlets looking for clicks. Source: ECE who has worked with the stuff.
It is not only in China. I know a lot of university graduates who can't find a job in their field of study instead all they got is customer service or call center jobs which pay about the same as a high school graduates with a year or two experience. Now you have to ask yourself if that degree and student loans is worth it.