One statistic sums up the severity of the economic crisis China is going through.
One in five young people would be unemployed there.
A record.
This official figure of 20% dates from July, just after Shanghai's two months of confinement, and it would remain at this level.
The unemployment rate for the working population as a whole is almost four times lower (5.5%).
Some of the young demonstrators in Shanghai last weekend explicitly mentioned unemployment.
While
“the heart of the Chinese economy is shut down by the Covid, large companies are no longer recruiting”,
confirms the academic Claude Albagli, president of the Cedimes Institute.
In addition,
“a lot of jobs in China come from informal activity, small businesses.
If people can no longer go out, they no longer have an income”,
continues the author of
The Silk Roads do not lead where you think
(*).
Result:
“There are no more opportunities for students”.
Read alsoIn China, the “zero Covid” policy releases anger against Xi Jinping
What a change in situation!
From the second…
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