Business Law Journal

We have yet to realize the full effect of the COVID-19 pandemic and its impact on the global economy. According to recent reports from China’s National Bureau of Statistics, nearly 20% of Chinese citizens, aged 16 – 24, are unemployed.[1]  University graduates are likely to be more affected in China this year than at any point in China’s history with over 10-million Chinese graduates fighting their way into a job market with the worst-prospects ever.[2]  The Chinese government’s strict adherence to a zero-tolerance Covid policy has devastated major manufacturing activities throughout the country, leading to an overall decline in China’s sustained economic momentum coming out of the pandemic.[3] 

[1] China’s National Bureau of Statistics – Unemployment Report as of July, 2022.

[2] Pollard M., 2022, June 23. Analysis: Record numbers of Chinese graduates enter worst job market in decades. Reuters. Retrieved from https://www.reuters.com/world/china/record-numbers-chinese-graduates-enter-worst-job-market-decades-2022-06-23/

[3] Mayger J., Ma A., Liu Y. Hancock T., 2022, September 14. China Braces for a Slowdown That Could Be Even Worse Than 2020. Bloomberg News. Retrieved from https://www.bloomberg.com/news/articles/2022-09-14/china-economic-growth-forecasts-keep-sinking-as-risks-multiply