China's youth jobless rate dips to 14.2pc

China's youth jobless rate dipped further to 14.2 percent in May, the lowest since Beijing excluded students, according to the National Bureau of Statistics.

The unemployment rate of the population aged 16 to 24, excluding students, declined by 0.5 percent from 14.7 percent in April, marking the second-month decrease.

The government released the average urban surveyed unemployment rate from January to May, which decreased by 0.3 percent from 5.4 percent to 5.1 percent year on year.

Liu Aihua, spokesperson for the National Bureau of Statistics, said the labor market is picking up as the country's economic environment is recovering. The employment situation is generally stable. However, she added that China faces both aggregate pressure and structural problems in employment, and the labor market still faces many challenges.

In other macro-economy news, Societe Generale predicted that China's gross domestic product growth could reach 5 percent this year but is trending downward, dragged by the property sector. It added that property stabilization might be in sight with a series of political stimulations launched, and the secondary market in tier-one cities will see home prices rise first.

The French bank warned that new home sales could continue to slump by as much as 10 percent from a year ago, and the property market may stabilize in 2025.