> there's an unofficial 70% youth unemployment rate
> , due to the recent 50% reduction in wages
I couldn't find anything on these points. The second one seems completely unbelievable while also being at odds with the first claim.
What are you referring to?
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.
here are some remnants in non-chinese websites.
http://www.xinhuanet.com/fortune/2023-06/26/c_1129716071.htm
https://botanwang.com/articles/202308/%E4%B8%AD%E5%9B%BD%E5%...
https://www.voachinese.com/a/more-chinese-white-collar-worke...
if you want to verify secondary effects: Retail sales of passenger cars in China declined to 1.095 million units, down 21% from a year earlier and 46% from January. https://www.wsj.com/business/autos/chinas-vehicle-sales-drop.... A decline of real estate development investment widened to 9.5% in the first quarter from 9% in the first two months https://www.bloomberg.com/news/articles/2024-04-16/china-hom... Stingy Chinese shoppers are returning their goods, erasing up to 75% of their sales value.https://fortune.com/asia/2024/04/17/luxury-brands-new-headac...