China Unemployment Rate

China earlier this week announced fresh measures to stabilize employment as it struggles with a prolonged trade war with the U.S. and persistent youth joblessness. The unemployment rate for 16- to 24-year-olds, excluding college students, remained high at 14.9% in June, down slightly from 15.8% in May. To ease labor market pressure, the State Council said local governments will raise unemployment insurance refund rates—up to 90% for small firms (from 60%) and 50% for large firms (from 30%). Companies facing operational difficulties may also apply to defer contributions to pension, unemployment, and work injury insurance. Authorities will offer targeted support for young job seekers and roll out additional policies as conditions evolve. “Local governments and departments must take political responsibility for stabilising employment, track policy implementation, and introduce new measures promptly,” the cabinet stated.