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China is facing record-high levels of youth unemployment and discontent among young people about the type of work available. The government's economic advisors think a new economic plan is needed to avoid stagnation. The rising youth unemployment in China is impacting the economy and the government's efforts to address the issue. There are obstacles hindering the implementation of necessary changes, including political barriers and resistance to income redistribution.
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Quick takeaways
- Many young workers in China are struggling to find well-paying jobs, leading to a phenomenon called 'lying flat' where people give up on the traditional rat race.
- China needs to shift towards a more consumer-oriented and private sector-driven economy, but implementing structural reforms poses political and ideological challenges for the Communist Party.
Deep dives
Youth unemployment and tough job market in China
Many young workers in China are struggling to find meaningful and well-paying jobs. Graduates like Zershi are expected to work long hours, including overtime, with no extra pay or benefits. The lack of new jobs in the market has led many young people to pursue higher education instead. The high pressure and low wages have resulted in a phenomenon called 'lying flat', where people are giving up on the traditional rat race. Youth unemployment in China is above 20%, exacerbating the economic challenges faced by the country.
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