Basically there is a trend of overeducation; China is producing millions more university graduates than it needs, without enough white collar jobs, and at the same time there are a lot of job openings in much more poorly paid factory work. This is not unique in East Asia, South Korea also has a lot of youth unemployment for similar reasons. https://keia.org/the-peninsula/low-youth-employment-in-korea...
Also, China is currently suffering from deflation because it produces many more goods than it can consume or export, and wages are also being cut.
https://www.reuters.com/world/china/china-stop-releasing-you...
Basically there is a trend of overeducation; China is producing millions more university graduates than it needs, without enough white collar jobs, and at the same time there are a lot of job openings in much more poorly paid factory work. This is not unique in East Asia, South Korea also has a lot of youth unemployment for similar reasons. https://keia.org/the-peninsula/low-youth-employment-in-korea...
Also, China is currently suffering from deflation because it produces many more goods than it can consume or export, and wages are also being cut.