Imagine 25 million men and women about the combined population of Australia and New Zealand pressing for new jobs. That is the daunting reality that the Chinese economy faces this year, the National Development and Reform Commission (NDRC) has reported.
This is the country’s worst employment crisis ever, as the children of baby boomers flood the job market seeking their first jobs. Their parents were born in the early 1960s, and they themselves in the late 1980s.
China can generate only an estimated 11 million new jobs this year, according to the NDRC. And at no time this decade did they exceed 10 million a year.
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