More than 46 per cent of urban residents polled by People’s Bank of China say job market is ‘uncertain’, while 62 per cent aim to save more, in continued challenge for policymakers counting on domestic consumption to propel the economy.
China’s 12 national joint-stock banks reported deep salary cuts last year, while 10 lenders also demanded employees return performance-based bonuses, amid Beijing’s ongoing efforts to reshape the financial industry.
Young jobseekers in China are grappling with disillusionment within the grim employment market, while Beijing is eager to maintain social stability and boost consumption.
As China’s population continues its steady decline, experts have offered several suggestions for how to arrest the slide – but nearly all agree a cautious and systematic approach carries the best chances for success.
China’s youth jobless rate rose to a record high in June amid an economy still struggling to return to pre-pandemic growth levels, with some now working just enough to afford to spend their time on what they enjoy.