China jobs: halting youth-unemployment data criticised as ‘counterproductive’, worsening transparency

Name: Is youth joblessness worsening in China? Beijing’s official figures offering fewer clues
Uploaded: 2023-08-15T13:30:16.000Z
Duration: 5 min 18 s
Description: Is youth joblessness worsening in China? Beijing’s official figures offering fewer clues

Record-setting joblessness among those aged 16-24 in China had surpassed 21 per cent in June, but now authorities say a recalibration is in order

However, the decision brought swift backlash among market watchers and analysts who say the withheld information makes it harder to gauge China’s economic recovery

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Is youth joblessness worsening in China? Beijing’s official figures offering fewer clues

Luna Sunin Beijing

Published: 9:30pm, 15 Aug 2023Updated: 9:36am, 17 Aug 2023

Beijing’s decision to stop its monthly release of exceedingly worrisome and record-breaking youth-unemployment data has ignited concerns over data transparency and economic ramifications – as such key figures are vital for economists and investors to accurately gauge the state of China’s economic slowdown.

More than one out of every five people aged 16-24 in China has been unemployed since April, and the rate rose for the year’s first six months before authorities decided a recalibration was in order and chose not to release the July rate.

The National Bureau of Statistics (NBS) had been expected to release the July figure on Tuesday along with other economic data that highlighted an across-the-board weakening of China’s economy.

But NBS spokesman Fu Linghui said it is time for labour-force survey statistics to be “further improved and optimised”, with continual improvements needed as the economy and society are constantly developing and evolving.

The market had already expected youth unemployment to rise in July

Ding Shuang, Standard Chartered Bank

Jobless data for China’s 25-59 age group was also withheld on Tuesday. However, Beijing vowed that China’s labour market is “overall stable”, citing a surveyed urban jobless rate of 5.3 per cent in July, which is below the government’s control target of 5.5 per cent.