NBS director Kang Yi said Chinese students go to school to study and finding a job is not their priority.
“If you include school students, [16-24] Professor Kang said there is a mix of young people looking for part-time jobs while they are students and young people looking for jobs after graduation, and it is not possible to accurately reflect the employment and unemployment situation of young people who really need to work after entering society. he pointed out. He said.
The suspension raised concerns about the transparency of China’s data, which investors closely track to understand the state of the economy, investment environment and labor market.
But analysts said it was difficult to assess adjusted youth unemployment data without historical comparisons.
New statistics severely undermine social and economic risks associated with youth unemployment
“To truly gage what’s going on, we either need to confirm past estimates with new methodologies or wait until we have more information,” said Moody’s Analytics economist Harry Murphy Crews. Probably.”
Louise Lu, chief economist at Oxford Economics, estimated that based on traditional methodology, the unemployment rate for the 16-24 age group could have been closer to 25% in December. did.
“And to the extent that students go to school and obtain advanced degrees, for example, simply because they couldn’t find a job, the new statistics significantly undermine the social and economic risks associated with youth unemployment. Yes,” Lu added.
In 2023, out of China’s urban population aged 16 to 24, students attending school will account for more than 60 percent, or nearly 62 million people, while non-school students will account for more than 30 percent, or 34 million people. Kang added.
China adds 11.8 million more graduates to workforce amid tough job market
China adds 11.8 million more graduates to workforce amid tough job market
NBS said that although the statistics bureau does not provide a clear definition of out-of-school students, school students are those who are studying, excluding students who work part-time.
NBS said the unemployment rate for the 25-29 age group was also added to better reflect the employment situation of Chinese university graduates.
“Most young people have just graduated at the age of 24 and are still in the process of choosing their career path.” Statistics Bureau Chief Kang said, “There are also people who are unemployed or whose employment is unstable.”
“The majority of them have completed their job search by the age of 29, and their employment situations tend to be stable.”
Overall, China’s urban unemployment rate was 5.1% in December, well below the full-year target of 5.5%.
Kang said there will remain pressure on the labor market this year, especially in certain industries and communities, but there will be more new jobs in the service sector.
“Services and consumption will be relatively active this year, and the growth of the service industry will continue to be one of the main drivers of employment,” Kang added.
China is under pressure to create new jobs amid a series of headwinds hampering its economic recovery.