Bloomberg: China Youth Unemployment May Hit 20% Due to AI
Bloomberg predicts that the unemployment rate among young people in China could reach around 20% in the coming months, due to a record number of graduates entering the job market and the increasing impact of artificial intelligence technologies on entry-level positions. In June 2023, the urban unemployment rate among the 16-24 age group stood at 14.9%, with expectations of it rising due to limited employment resources, decreased domestic demand, and declining investments. The adoption of artificial intelligence poses a threat to 70 million jobs in China, although the government prefers to enhance current policies rather than introduce new support packages, aiming for an economic growth rate between 4.5% and 5%.
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