China has decided to temporarily suspend the release of its youth unemployment statistics, citing a need to reevaluate the methodology underpinning this closely monitored benchmark. The data had recently reached unprecedented highs, raising concerns about the world’s second-largest economy.
This move, which came shortly after disappointing factory and retail sales data were unveiled, triggered an unusual backlash on social media. It reflects the mounting frustration surrounding employment prospects within the country.
The decision also aligns with a broader trend of Chinese authorities limiting access to critical data and information, a development that has unsettled international investors.
National Bureau of Statistics (NBS) spokesperson Fu Linghui stated that data publication would be put on hold as authorities seek to “enhance” data collection methods.
In recent months, China has curtailed foreign users’ entry to specific corporate registries and academic journals. Furthermore, there has been a crackdown on due diligence firms operating within the country, which serve as a crucial source of information about China for global businesses.
During the peak of its COVID-19 outbreak in late last year, China abruptly altered how it categorized deaths from the disease. This decision garnered criticism both domestically and internationally.
The suspension of youth unemployment data has also been met with skepticism within China, particularly as young individuals face their most challenging summer job search season.
The latest figures released by the NBS, covering youth unemployment, indicated a striking surge in the jobless rate, reaching an all-time high of 21.3% in June.
