Unemployment Insurance Payouts and Youth Unemployment Rate Hit Record Highs in Communist China

On August 24, it is reported that the job market in Communist China continues weakness under the reckless regime of Xi Jinping. Unemployment insurance payouts as well as the youth unemployment rate have hit an all-time high in June and July respectively.

Statistics show that payouts from the Chinese Communist Party’s (CCP) unemployment insurance fund rose 256.6 percent to 37.19 billion CNY ($5.42 billion) in June compared to the same period in last year. This is the highest for the figure since January 2013. The sharp rise in payouts caused the fund to post a deficit of 22.74 billion CNY in June, far exceeding its 4.91 billion CNY deficit in May.

Economists point out that the official data do not track the rural youth jobless rate. Consequently, the real unemployed population is likely to be twice or more than the official figure.

Analysts believe that international pressure and the CCP’s harsh Zero-Covid policy, as well as the deteriorating banking and real estate crises, have brought the CCP’s economy to the brink of collapse. The reality of unemployment will only be worse than the data demonstrated. Unemployment among young adults, if not improved, could easily evolve into social unrest.