![]() In a flippant twist on street vending, some graduates have set up stands to sell their academic knowledge, such as political science or psychology consulting. The shortage of desirable positions for today’s college graduates, who came of age during China’s boom times, has sparked discussion over the younger generation’s willingness to accept other types of work. Part of the unemployment crisis is due to a mismatch in available jobs and the high expectations of educated workers. If we had failed, we still would have been fine.” “A street stall is a relatively low-cost thing to start up,” Hu said. The couple has also started teaching others how to launch their own street-side businesses, for a fee. Within three days, they had recouped their initial investment of 900 yuan, or about $125, she said. Blinken has met with Chinese President Xi Jinping and says they agreed to stabilize deteriorating U.S.-China relations. World & Nation Blinken and Xi report progress on U.S.-China relations, but military communication remains elusive A regulatory crackdown on private enterprise has hurt sectors that traditionally hired graduates, such as technology, education and real estate. In May, youth unemployment reached a high of 20.8%, ahead of a record 11.6 million more college graduates entering the workforce this summer. While consumer spending picked up after coronavirus prevention measures were repealed in late December, the rebound has since tapered because of declining confidence in the country’s financial health amid a housing downturn, a slack labor market and high levels of government and household debt. ![]() “We’re still waiting for that to happen.” “We all thought that with the end of zero-COVID, we would get an explosion in consumption,” said Michael Pettis, professor of finance at Peking University’s Guanghua School of Management. But after three years of China’s unyielding “zero-COVID” pandemic policy, which stymied travel, spending and industrial output, authorities are turning to every possible option to bolster economic activity. At that time, the idea of turning to food stalls to jump-start growth was widely panned and soon abandoned. ![]() In June 2020, then-Premier Li Keqiang advocated for the “street stall economy” as a way to offset the financial pain caused by the country’s harsh COVID-19 restrictions. ![]()
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