China wants to create 11 million new jobs this year to cap the surveyed urban unemployment rate at around 5.5 per cent and registered unemployment rate within 4.5 per cent. Photo: AFP

China’s middle class stress over debt payments as unemployment hits two-year high

  • China’s unemployment rate jumped to 5.3 per cent in January and February from 4.9 per cent in December, the highest level in two years
  • Household debt, which includes mortgage and credit cards, now makes up 52 per cent of China’s gross domestic product
Topic |   China economy

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China wants to create 11 million new jobs this year to cap the surveyed urban unemployment rate at around 5.5 per cent and registered unemployment rate within 4.5 per cent. Photo: AFP
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Amanda Lee

Amanda Lee

Beijing-based correspondent Amanda Lee covers markets and the economy for the Post, with an interest in China's economic and social landscape. A graduate of the London School of Economics, she joined the Post in 2017 and has previously worked for Thomson Reuters and Forbes.

Zheng Yangpeng

Zheng Yangpeng

Zheng Yangpeng is a business reporter at the Post, covering China property, banking and finance. He previously worked for China Daily, joining the Post in 2016. He holds a Bachelor's Degree in Journalism and Communication from Peking University, and a Master's Degree in Global Business Journalism from Tsinghua University.