Chinese keeping their belts tightened as job worries loom

A job fair in Beijing. A record 11.58 million students are expected to graduate from higher education institutions in China later this year.

A job fair in Beijing. The jobless rate for those aged between 16 and 24 in China climbed to 19.6 per cent in March, from 18.1 per cent in February.

PHOTO: REUTERS

Aw Cheng Wei

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SHANGHAI - China’s

strong economic growth between January and March 2023

belies an abiding caution among the Chinese, who are spending more carefully than they did before the pandemic amid worries about job security and career prospects, particularly among fresh graduates.

Retail spending in China grew 5.8 per cent between January and March compared with the same period in 2022, but trailed behind pre-Covid-19 consumption growth rates, economic data released on Tuesday showed.

Chinese keeping their belts tightened as job worries loom

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