China: Youth unemployment rate 20.8%, new record – last hour

(ANSA) – BEIJING, June 15 – One in five young Chinese men was unemployed in May: a rate of 20.8% and a new record for the Asian country, according to official data released today by the National Bureau of Statistics. This figure, which relates to people aged 16-24 in urban areas, has continued to rise in recent months and reached 20.4% in April. In May, the rate on the entire workforce was 5.2%, unchanged from April.

China’s central bank Pboc lowered its main medium-term lending (MLF) rate, a measure expected by markets and intended to prop up the flagging growth of the world’s second-largest economy. The central bank said the interest rate on its annual loans to financial institutions was cut to 2.65% from a previous 2.75%. This measure should make it possible to lower the financing costs of commercial banks to encourage them to extend more credit on more favorable terms, and thus to support the economy. (handle).

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