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China has a solution for economic concerns. It’s simply just not going to talk about them.
Back in June, the country’s youth unemployment rose to a record high of 21.3%. That category covers the ages of 16 to 24.
It’s just one stat sparking concern that the world’s second-largest economy is heading for a crippling slowdown.
But instead of releasing a July update, Beijing’s National Bureau of Statistics said Wednesday hey aren’t going to release those numbers anymore.
The Bureau says its metrics need “further optimization.” Officials also reportedly told economists not to discuss deflation or stuttering growth.
Meanwhile, consumer prices have fallen 0.3 percent, exports are at a three-year low, and second-quarter growth fell short of forecasts. The Bureau’s spokesman glossed over these concerns as “pressures and challenges.”