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China’s youth unemployment hits a record high, deepening its economic scars


China’s young face the prospect of dimmer economic gains amid record youth unemployment in the world’s second-largest economy.Vcg | Visual China Group | Getty ImagesAs youth unemployment in China rises to a record high, college graduates are caught in a perfect storm — with some forced to take on low-paying jobs or settle for jobs below their skill levels.Official data shows urban employment among the 16- to 24-year-olds in China hit a record 20.4% in April – about four times the broader unemployment rate even as millions more college students are expected to graduate this year.”This college bubble is finally bursting,” said Yao Lu, a professor of sociology at Columbia University in New York. “The expansion of college education in the late 1990s created this huge influx of college graduates, but there is a misalignment between demand and supply of high skilled workers. The economy hasn’t caught up.”The scourge of underemployment is a …

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