Corona’s big hit on youth in China, about 2 crore unemployed

For the last few weeks, the situation has worsened due to the continuous increase in corona cases in China. This has affected the youth in a big way and around two crore youth between the age group of 16 to 24 years have become unemployed. In a report, quoting government data, it has been told that there are about 107 million youth in the cities of China.

CNN said in a report that China One out of every five youth is unemployed due to unemployment. The main reason for this is Corona, which has caused a setback to China’s economy and many big companies are doing layoffs. These include the global smartphone company Xiaomi which has laid off thousands of its workers. Unemployment in rural areas has not been included in this report. Xiaomi The revenue had decreased by about 10 percent in the last quarter. The company’s sales have been affected by the slowdown in the global smartphone market and declining demand in China. There was a decrease of about 11 percent in the sales of its mobile devices. During July-September, the company’s sales stood at 70.5 billion yuan (about Rs 80,900 crore). Xiaomi’s sales were slightly higher than expected, but the company’s net loss of about 1.5 billion yuan was surprising. Due to the zero covid policy in China, the difficulties of tech companies have increased. This has hindered the supply chain.

The unemployment rate among China’s youth rose to 19.9 percent in July. About 10 lakh cases of corona are being received per day in China’s Zhejiang province. This number is expected to double soon. The Chinese Center for Disease Control and Prevention reported that making major changes to the zero-covid policy has helped bring some control over the epidemic.

It has been told in the Reuters report that the citizens of China have been kept in lockdown. Due to this, this second largest economy of the world is having a big impact. The National Health Commission has stopped reporting infections without symptoms of corona. Due to this the number of corona cases is not complete. Apart from this, the commission has said that it will not publish the daily figures of Corona.