Why China Isn’t Providing Enough Jobs for Its Young
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- čas přidán 29. 06. 2023
- Millions of young people in China are out of work and there are signs this could get even worse in the coming months. What's behind China's youth unemployment problem?
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Two things that weren’t mentioned but are important to understanding.
1 - China counts working only ONE hour per week as “employed” compared to 15 or more hours in other countries. If a similar criteria were applied in China, the youth unemployment rate would be significantly higher!
2 - China only counts urban unemployment. So encouraging young people to go to rural areas would simply remove them from the equation, whether actually employed or not. In other words, the stats can appear to improve even when no actual situational improvement occurs.
Well, they always do stats in “the Chinese way” 😂 but what else can be done? They have limited number of cards in hand that can be played. It’s hard to create jobs within a country which the economy is heavily depend on export of low value physical goods and government investment on infrastructure construction instead of domestic demand. If you can’t solve the problem, then maybe removing the people who is creating the problem from the equation is the easiest way out.
Wait. Which country are you from? This is the same with US and Australia as far as I know, you are counted as employed if you work 1 hour a week. I am sure some other countries have this standard too, China does not invent It. Please Google
Fun fact
India unemployment is 50%
China didn't count 1 hour as employed.
As long as they have food what is the problem? The economic machine has made people machine.
16 years old are not suppose to work
That's not a chinese problem, but a developing country problem globally wide.
Somebody gets it.
It is more interesting to look at the employment rate of 18-year-olds
These are the effects of population collapse... Because lower paying jobs are not filled, higher paying jobs no longer exist... ( and young graduates have no jobs ) ( other countries did not have an aggressive one child policy )
In my experience as a foreigner in China, there's still many jobs available for young people, it's just that many of them consider these jobs unsuitable or the salary is too low for their level of education. So they'd rather wait for a better opportunity or do something that offers more freedom like a part time job.
You don't understand Chinese people, they're extremely hard working and willing to do any job even if the salary is low.
Asians generally look down on labour jobs, even ones like construction, plumbing and electrician that pay relatively well
yes，过了高考关、一路卷过来的年轻人们不甘心做低端的、低薪水的工作
@@natedogg890 it's like that here in america too. specially for those who live in big cities
we say "Kongyiji" in china
Its a supply and demand issue. They told everyone to go get university degrees, but their economy is driven by low-paid manufacturing that university graduates dont want. Theres more university graduates than white collar jobs available.
The alternative is to stay as a low paid manufacturing society. They need to educate people into entrepreneurs and innovators, not just employees
But they are also laying off people in low paid manufacturing sectors as those factories are shifted to cheaper countries like Vietnam
Moreover, the recent shutdown of cities during COVID and the general negative altitude towards foreign companies also urged foreign companies to move out from China. In fact, even Elon Musk is urging its battery suppliers in China to move to other countries
@@jcfawerd difference between moving out and diversifying/"De-Risking"... A lot of foreign companies(Especially the biggest companies out there) are still looking to expand in China...
@@jcfawerd Even so their working age population is around 50 million. One province in China is about the same size as Vietnam.
Thats one of the biggest problem in a country with huge population like china and india, millions of students apply for a job with a vacancy of around 5-10k seats, or sometimes even just hundreds, and because of that competition gets very high among the students and many students fail their tests, resulting in unemployment.
China is playing a very dangerous game that the USA had to learn the hard way. Don't advertise White collar jobs to every single citizen. I'd say right now one reason why the job market is improving in the USA, is that blue collar jobs have been getting much needed raises in salaries, and are making it more accessible for normal people to learn how to do them. But there was a time period in the early 2000s that everyone wanted a white collar job, went to school for it, and than realized how unless you had the perfect resume, perfect age, perfect everything, getting hired was stupidly competitive.
A huge mistake a developing country can make, is advertise "everyone can be a white collar guy as long as you go to college" while under paying blue collar workers. There has to be a balance.
@@madmaxiemartialartsnerd485 no, i would say, US is better in this regard only bcs the population is less. Less population, less competition, more vacancy, more employment. If US had same amount of population as china, they wud face the same problem.
@@madmaxiemartialartsnerd485 new generation of students in developing countries hv big dreams, they dont want labour type jobs, since they hv already experienced the situation from their parents or others, pay gap of white and blue collar job is everywhere, not just in developing countries, there is no balance anywhere.
you are speaking of educated unemployment..
These are the effects of population collapse... Because lower paying jobs are not filled, higher paying jobs no longer exist... ( and young graduates have no jobs )
When I was living in China, there is a massive shortage of blue collar workers and skilled technicians, and a huge surplus of white collar workers. There are many opportunities available but Chinese youth and families today consider them not worth the degree to pursue.
I am Chinese, because blue-collar workers in China are paid too little, have almost no benefits, low social status is often discriminated against, and male blue-collar workers cannot find girlfriends at all.
@@user-bh4gb1bingbinghuashi 其实技术蓝领收入也不低了，工地熟练技术工人日入1千也不少见（当然很辛苦），但是城市出身的年轻人大多看不上这类工作。还需要一个观念转变的过程。
@@user-bh4gb1bingbinghuashi Now the wages of blue-collar workers are higher than those of white-collar workers, but the working conditions are poor.
@@user-bh4gb1bingbinghuashibut the jobs are there
@@apollo-eu4fk However, the CCP doesn’t want to do that, they want to maintain China’s cheap labor, and the fact that Chinese blue collar workers often don’t get paid.
A few things missing here. 1) the unemployment figures do NOT include all rural areas. The true unemployment is likely a bit lower on a country level. 2) i have worked with rhe Chinese for 35 years, I still work with them on a daily basis. So many companies in China has headcount freeze. They dont replace laid off workers either. What does this mean? It means that so many companies don't see real improvement coming for quite some time. 3) it is normal that companies in China cut salaries for workers in bad times. Sounds normal? Well, percentage cuts in China can be extreme, I hear 30, 40, even 50%. 4) The most important one. Whatever you do, don't trust official Chinese GDP or unemployment numbers. They are always massaged. The situation is actually worse than official numbers indicate. 5) I have talked to Chinese who say that salaries for new hired have been pushed to rock bottom levels. Half of what salaries were 2 years ago, it's not enough to live on by far.
Another person posted that he was in China and said that there are jobs but the Chinese don't want them, wait for better jobs. Just want to clarify that those are the jobs where salaries offered are half of what the same job paid 2 years ago and there's no way they can live on what the make. By a big margin.
There are 2 caveats about unemployment data:
On the upside, if people are finally looking for work, the unemployment figure ought to be higher as you increase the numerator more than the denominator
On the downside, official data in China counts working 1 hour a week as employed
That's also the criteria in the US. You are "underemployed" if you work 1 hour a week in a part time job and aren't included in the unemployment rate.
China didnt provide enough job to youth but youth in Europe dont want to work at all
Most company do not hire people work less than 15 hour/week anyway.
I think it's not important.
Youth ages 16, 17 and 18 are still attending high school full time are not expected to work, and should not be included in unemployment calculations. 🦉
we need a more detailed breakdown, as most of young people between 16 to 24 would be in high school and university so of course they can't be employed.
An underreported problem is the countryside reforms that are pushing out older farmers and impoverishment of village collectives in order to make room for city dwellers to move out into the country. If experienced farmers are pushed away it will cause famine eventually like when Zimbabwe repossessed white farmers land and gave it to city Africans who didn't know how to farm.
Got a citation?
@@eugeneng7064 What for? Wolf Warriors NEVER cite anything.
How is it unusual for 16-24 yr olds to be unemployed? That's called being a student, of course they're unemployed. The rates are just as high in the US
every year, nearly 10 million students aging 21 to 24 graduates from college .So you know why the unemployment rate is so high.
Students are disregarded when calculating unemployment rate. Also only half of the population pursue higher education so it make sense to start from 16.
The current Chinese youth generation is from the one child era, hence parents groom them very aggressively to finish college or above, so there shouldn’t be many youth in job market younger than 21. Because this is the mama body generation, they tend to avoid blue collar jobs thus fight for limited while collar positions. So, I think using 16-24 age group to calculate unemployment rate is misleading, 20-30 is more appropriate for Chinese demographics.
more business and companies is needed I guess I hope it gets better
For that to happen, the party will need to let go his control desire on the economy, but on the other hand this is a western perspective of the economy.
The CCP evil lawless communist regime will not FALL unless the whole China economy deteriorate further and Rotting to it Core.
How many years more to go then ?
You’re very kind. I like how China was in the 70’s and 80’s. Where everyone was poor. Where Chinese people were humble and not all about Materialism. Where you never heard about a Chinese Billionaire. Long before America allowed China to become a manufacturing powerhouse
@@hught6885 Jesus Christ! why would you say something like that? What’s wrong with you?
That's why I love Bloomberg. I worked in the financial industry in Shanghai, China for three years, and came back after covid-19. Bloomberg is one of the few neutral media to report on China
they are not neutral, they directly benefit from china's boom. They are there for the profit
No, they are not. Reuters is the least biased. Even NPR is biased. Bloomberg is like Murdoch, very much anti China
I don't think so, what they reported at different times was obviously selective. What you see is what they want you to see and pay attention to.
Western mouthpiece 😅
But it is even worse in many other countries namely US, European countries, India, etc in the prevailing hard global situations. 😢
If you hear about unemployed youngs , welcome to Asia.
Very informative
India has similar challenges,may b the world need new economic model
Yeah, competition among students is very high in china and india because of the big population. Its not easy to pass any tests in both the countries.
2yoe full stack dev position at sony had 6000 applications on naukri for what i assume was 1-2 vacancies
It's concerning to see China's youth unemployment crisis escalating. The situation calls for deeper analysis of the factors contributing to this problem. This issue can have far-reaching consequences, affecting not just individuals but also the broader economy.
China 0 recession
China 0 inflation
Usa recession
Uk recession
France recession
Germany recessing
India recession
Taiwan recession
how many countres doing better?
Same situtation in UK and US!
The reason why Chinese young people cannot find suitable jobs is that wage income is far less than living expenses, which is why experts currently recommend paying to work.
"Civil servant examinations"? South Africa could never
one issue is Chinese youth all want the same jobs and not willing to compromise.
selling drinks is a job
Its not just happening in China its all over the world
No, the us has a labor shortage.
@@brotherbig4651 That's not factual at all. Multiple recruiters have told me they have received about 300 - 400 resumes for one open position since last year.
@@jeffie7648 Go to any store in your city you will very likely see “help needed”. There are some tech firms not hiring. But their labor force is too small.
Mhm. Can confirm this going on in Slovenia for decades.
@@brotherbig4651 i've applied to around 35 retailers and restaurants with help wanted signs. some locations visibly short staffed and i've gotten nothing back for more than 2 or so
Please talk about India too.... Here the percentage is unemployed people is lot more...
Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely......
__
Thank you so much for the advice. Your coach was simple to discover online. I did my research on him before I scheduled our phone call. He appears knowledgeable based on his online resume.
Really funny how you talk about youth unemployment as it's an exclusive chinese problem...
Is there age of 35 anxiety outside China, many of young people hardly build their career paths after 35 years old
Because everyone has a degree and none of the jobs need a degree
Ya this is happening in the West as well - especially in the US.
It’s only those being affected who have degrees. This especially true in the US and around the world. More college graduates, not enough jobs to fill them. We need to focus on skilled labor work.
No, not at all. On the contrary, we need to focus on academic and office/lab work while intensifying the push towards full automation of every industries. Work needs to suit people, not the other way around. One day, we'll finally see the end of Work and Private Property.
Lol it is absolutely not true in the US... quite the opposite - hence the massive inflation problem and historically low unemployment. Knock it off, Wumao...
Let's hope West Taiwan plays along.
@@fuzzyspackage cringe
@@sinoroman Cringing yourself, disgusting habit. Let's hope West Taiwanese can learn etiquette and look past their 5,000 years of lying cheating and stealing.
intro song name please
Due to the sluggish growth of the Chinese economy, enterprises are being cautious in hiring, despite this year having the highest number of college graduates.
beverages sell still. jobs
In my country which is Cambodia, if you can speak just Chinese and English, you can earn close to or even more than $1,000 a month. $1,000 dollar in my country can get you a lot of think from a place to live, personal expenses and even traveling.
噶腰子？
then you should come to work in China. Maybe you can earn 2000 USD a month. You can help Chinese companies sell products to Cambodia.
🎶Go to college! A university!
Get a real job! That's what they said to me!
Gonna get by and just do my best! 🎵
And China is puzzled why the youngsters do not want to get married nor have children.
Or they are flirting with crime (like kidnappings of children of the wealthy & filthy). 😎
xhina now experiencing what their bullied smaller countries have been going through while xhina takes advantage of the poverty of these countries: Tonga
Samoa, sri lanka, etc.
Wait until GenAI gets better.
Problem is not “ not enough jobs” but “ not enough pay”😮
Truck load of China Chinese and foreigners entering Singapore labor market. Many locals has being deprive of work, increment and promotion. This foreigners lower their salaries expectation causes a similar situation in international trade call the dumping. Many sectors relies on this cheap labor which pushes out many locals without jobs. As more foreigners entering, the demand of rental market has also pushes the rent in average up to 50%. Worse, they start to complain on the high cost of living which mainly caused by them. They manage to get the local print and online media to influence public on the possibility of legislate rental control. The local in Singapore has being deprive so much and manipulated by the foreigners. This situation will have to stop else sooner or later this invasive species left nothing but major social issue in this small island.
Same symptoms in Slovenia... 🤔😑
I know a lot of upper 20s and 30s in the US without jobs so.
At the same time they complain there’s is not enough young people working due to depopulation? Can someone explain?
because of low birth rate,the government worries that there won't be enough young people in the future.For now, nearly 10 million students gradute from college every year.thats it
One example of unsustainable progress and target. 2much2fast2soon economy
Companies do it because it's cheaper for them to have fewer workers. The only solution is a shorter day or work week, lower retirement ages, more vacation, and holiday pay.
Same every where
How about in USA
I wonder does USA society ang economy is sound?
some Chinese companies won't hire people older than 35
Govt jobs vs others.. Govt expenditure should be inclusive in order to cater the needs of youth.. Unemployed youth if don't get jobs then it is upto the govt to decide whether they want to promote terror industry or not.
Not true. 2nd and 3rd tier cities have lots of jobs but most youths prefer to go to first tier cities.
name one country can provide enough jobs for their youth
US
Germany,Untied States,Japan,Netherlands,Canada,Australia,Switzerland ect
But...which country does ??
One basis concept about economics: we have a trade-off between infation and unemployment. China is experiencing defation right now, therefore high unemployment. Conversly, high inflatio in the US, lowest unemployment in decades as joe biden prides his administration in.
I thought there were plenty of job openings at the wet markets.
No there's enough jobs just not ones they want everyone can't have nice jobs
@@wisdomfox857 In English please.
I keep hearing about this "catastrophic demographic collapse" in China, yet here they are reporting youth unemployment. It doesn't add up.
They don't want to take the low end jobs and live in a factory dorm, so they live of their parents money and don't work. I can't say I blame them.
😂😂CHINA BAD
People who are not looking for work is not in the calculation, so students are not counted as unemployed.
You have to split between urban China and rural China. The demographic collapse is very real in certain cities while other cities benefit from such collapse.
@@wyw201 rural china is one child. Cities are .3 children. Its a path to oblivion.
Among those 16-24.. most of the 16-22 are still in school..
So long there is no foreign investors dont even think of economy growths with unemployment issues can be overcome no joke. Next the China currrency RMB will be weakened further.
Let's beat the record for most video reupload attempts in 1 day 😂
I still think our company to terminate the Bloomberg terminal was a right decision.
Invest in 🇮🇳 because we have democracy and also fastest growing economy in the world. 🎉
Times 100!!! That's more likely the real number or even higher
They can employ the youth building roads in Pakistan and dig for rare earth minerals in Afghanistan, or they can move to Singapore and take the jobs of the Bangladeshis. Have a nice day. The youth there are hard workers, sorry for them.
I think there is a lot of bad-mouthing here. If the economy on the whole is really that bad, just look at the massive movement and spending during the big holiday sessions.
There are farmlands that need labor lol
Now some of these ‘kids’ are getting paid by their parents to act like their child? WHAT??? 🤷♀️
The companies in China should improve the fringe benefit for the labours, but they wouldn't do that.
How the product will cost after that.!? Whole purpose of putting manufacturing and factories in china was law cost labor.
The reason is that China currently holds a significant amount of US treasury bonds, and it is crucial for them to decrease their holdings in order to address this problem effectively.
The accent of the narrator is so off...Is this srsly Bloomberg stuff?
China is failing to overcome the middle income trap. This is the reason. It's very difficult to overcome it.
There were hips of jobs in the market. The young just ignore those jobs because their family invested too much in their education and their parents also won't accept a Phd to work in a plumbing company. But there are only certain positions for highly educated group, in this case young generation pays the prices for "Education as Business“ （started in year 2001）
If you notice the commenter keeps saying less income - not no income. The jobs are there they just don’t want them because they think its below their social class.
China graduates 2023 - 11.58 million
India graduates 2023 - 6.5 million
China youth unemployment - 21.3%
India youth unemployment - 23.4%
Where are our youth when the total population has already surpassed china? India total graduates are half the number of graduates of China? Why this large difference?
Maybe the 9-9-6 could be reduced to allow for more employment.
Nobody seems to want to talk about India's high unemployment rate for a population keeps on growing, but they all cry about China's agrarian population having a decline in population as living standards go up.
India is not having much FDI but Communist China Regime is having lots of direct and Indirect FDI.
This is something of s concern for huge foreign investments on the health of their of their returns from becoming relinquished on the health of the economy especially data from Job market
I'd say bussiness as usual here in India. We have high unemployment but thats reality since many years. Also there isnt any shortage of bluecoller workers here.
@@bluesteel1 I am Chinese, because blue-collar workers in China are paid too little, have almost no benefits, low social status is often discriminated against, and male blue-collar workers cannot find girlfriends at all.
@@user-bh4gb1bingbinghuashi Bro Im white collar still I cant get girlfriend :)
一般服务类，技工类其实有不少
Its 25% in India
I think the working culture in China is desperate
There are a shortage of workers in China's assembly lines, there is enough job, just not the ones University students want.
This happens as an economy transitions from a low-mid manufacturing economy to a high tech manufacturing + service economy
Uh no. Factories are shutting down and relocating to other south Asian countries because foreign companies are avoiding supply chain risk from china. Look up Foxconn and apple
china is industrial
I am Chinese, because blue-collar workers in China are paid too little, have almost no benefits, low social status is often discriminated against, and male blue-collar workers cannot find girlfriends at all.
Why is it okay for young Americans to support boycotting Israel, but not China?? o_O
It is very normal to see people now keep talking about unemployment. I just wonder why nobody on the internet mentions the fact that the labor force in China has dramatically increased in number, because more females have dropped the housewife strereotype to join the labor market (especially in economical and financial fields). They have chosen to join the competition.
It is wrose to be a man in the modern China than in the past when there were just some males who competed for some jobs.
Americans are far behind China
politics are always supreme over economics. t'. u didn't mention that and going to the farm is back to Mao's time.
what a waste of talents! Please come to Singapore. We need more foreign talents for SG Economy.
This video explained nothing about "why" ....
With pride and saving face culture, these college educated people will prefer not to have a job
I am Chinese, because blue-collar workers in China are paid too little, have almost no benefits, low social status is often discriminated against, and male blue-collar workers cannot find girlfriends at all.
what about America and eu?
They want to be youruber or tiktoker , easy money😂😂😂😂
Everybody suffers recently.
I remember some unstable geniuses say China's population decline is a problem?
They have the great CCP to thank for that. Well done.
Control
Same problem as india
there are actually jobs available, but young people don't want to work on those, everyone wants office work rather than labour, farming or factory
Young people now would rather deliver food and packages than working in factories or construction.
one of the reason is china have too much university student，but corresponded job is less
0:55 Come on what kind of nutcase government don't supply enough job to its citizens.😂
They still encourage people to have more children, how ironic
CCP to youth , your job is to wait until you have a job so not unemployed
When China develops, they worry that China is a threat. When China collapses, they worry that China is a threat. When China is doing nothing, they worry that China is a threat.People watching these news are dominated by these worries and fears every day, but in fact life is business as usual.
Her accent is too thick. “Children’s “ sector?
I am a college teacher and I am astounded by how clueless some young people are about the future. They thought they could land a job easily after graduation just because they have a college degree. I have a neighbor who told me he would not send his children to university for a degree, instead, go to vocational school to acquire useful skills. I have a friend who does not have a college degree but a certificate of competency in piping inspection (or something like that) which earn him a job right after he finished his training.
You are completely clueless about Asia. "Tradies" as we call them in Australia earn above minimum wage. In Asia, trade, jobs are worth very little because there's a huge population that can quickly acquire your trade. Due to poverty, there's more pressure to innovate. If a trade was the answer then everyone would have done it which devalues it.
考虑生活成本和工作强度，制造业工作工资太低，剩余价值都被政府税收拿走
Bcoz most chinese owns family business, unlike the west business is owned by big corp.