tirsdag 12. mai 2020

80 million Chinese may already be out of work. 9 million more will soon be competing for jobs, too

The full scale of how many people have lost their jobs in the country is hard to capture. Data from Beijing is notoriously opaque, and the official unemployment rate — which only tracks jobless numbers in urban areas — has barely moved beyond 4% to just over 5% for years. But even the official tally has started to register a spike. Unemployment in March was 5.9%, just shy of the record 6.2% reported a month earlier. That would represent more than 27 million people out of work, according to a CNN Business calculation using government data.

"China's unemployment could be seriously understated," said Willy Lam, an adjunct professor for the Center of China Studies at the Chinese University of Hong Kong. "It's unusual they are willing to report that bad data. Given the government often massages the figures, the real situation must be worse."