- China is allowing its youth to practice street-stall trading as post-covid unemployment soars and worsens
- The street stall trading is a partial solution to China's unemployment crisis, which rose to 20.8% in May
- College graduates who are unable to find jobs at the end of school are becoming street vendors and entrepreneurs
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As unemployment rates rose to 20.8% in May, Chinese authorities are reportedly allowing street stall trading.
Unemployment levels soared in China post-pandemic and the crisis has frustrated college graduates who are looking for alternative means of making money.
College graduates turn to street trading in China
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"One remarkable aspect of the street-stall economy is that it is predominantly run by unemployed colleges graduates rather than middle-aged or older individuals. These graduates utilise social platforms to expand their reach and share information regarding stall locations, categories and experiences."
Street-stall trading is a shift in policy
Two major Chinese cities, namely Beijing and Shanghai, have started allowing street vendors to trade freely.
The report by the Financial Post shows that this is a major shift in policy, and it is blamed on soaring unemployment rates.
College graduates are reportedly turning to entrepreneurship and street vending as alternative means of making money in the absence of desired jobs.
The report says:
"Many of these graduates, unable to find suitable employment resorted to establishing their own street stalls. However, the financial prospects of such endeavours remain limited.
The relaxation of rules to allow street trading is viewed as a temporary solution to the rising crisis in the labour market.
"The re-emergence of street-stall trading represents both a temporary life-life for unemployed graduates and a broader symptom of the challenges face by China's labour market. The government's move to relax restrictions and embrace this informal sector may provide some relief."
First Yoruba-China textbook published
In a related story, Legit.ng reported that a Nigerian man has produced the first Yoruba-China textbook for students of Beijing Foreign Studies University.
Yoruba is a Nigerian language spoken by millions of people across the world.
The textbook was developed by a Nigerian professor and three US professors who teach Yoruba online.