China’s National Bureau of Statistics announced that it would stop publishing its monthly youth unemployment rate Tuesday, saying that it needed to conduct “in-depth research” to improve its methodology. The move comes after China reported several record-high figures for youth unemployment — the latest being 21.3% in June.
Days before, Beijing rolled out a set of 24 new guidelines to bolster foreign investment in a bid to revive its flagging economy.
We’ve curated news and analysis on the potential impact of the new economic measures.
- China plans to expedite the issuance of business visas and offer tax incentives to international firms –– with particular support to the biotech sector. According to Li Yong, a senior research fellow at the China Association of International Trade, Beijing has allegedly trialed “free trade zones” and policies that have facilitated foreign investment in local businesses. — The Global Times
- Still, China needs to de-politicize its business environment to achieve its goals, experts say. This would include opening up its pharmaceutical industry to foreign drug companies –– a sector authorities have consistently kept a tight leash on. So far, however, foreign businesses have experienced “promise fatigue” and remain skeptical about Beijing’s ability to put forward meaningful policy support, Jens Eskelund, chairman of the Danish Chamber of Commerce in China said. — Bloomberg
- China’s reported GDP is already a cause for concern –– but the reality could be far worse. According to data gathered by economist Luis Martinez, Chinese GDP growth over the past 20 years may have been a third slower than reported each year. — Financial Times