Beijing: Youth unemployment hit a record high in the second quarter after China’s economic growth slowed.
According to Al Jazeera report, gross domestic product (GDP) increased by 0.8 percent during April-June compared to the previous quarter. According to official data, there has been a significant decline in domestic and foreign demand in China.
Retail sales rose 3.1 percent year-on-year in June, while industrial production rose 4.4 percent, and economists had widely expected China’s overall economy to expand by more than 7 percent.
Chinese youth unemployment rose to a record 21.3 percent in June, up from 20.8 percent in May, according to data from China’s National Bureau of Statistics (NBS).
Beijing set its growth target for 2023 at around 5 percent, which is lower than the growth trend of recent decades.
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