Youth unemployment in China has hit a new record high as the country’s post-pandemic recovery falters.
The jobless rate of 16 to 24 year olds in urban areas rose to 21.3% last month, official figures show.
It comes as the world’s second largest economy grew just 0.8% in the three months to the end of June.
Analysts say the weak pace of growth has raised expectations that authorities may soon announce new measures to boost the economy.
According to official figures released on Monday, the Chinese economy grew by 6.3% in the second quarter on an annual basis. It outstripped growth in the first quarter but missed analysts’ expectations.
“The disappointment is particularly evident in retail sales and housing investment,” Qian Wang, Asia Pacific chief economist at investment firm Vanguard, told the BBC.
“This, coupled with earlier trade, inflation and credit reports, reaffirmed our view that the underlying growth momentum is still very weak,” she added.
Read more at BBC.com
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