The Unemployment and the True Face of Chinese Capitalism

News:

In China, a growing number of young people are becoming "full-time children" due to burnout from long work hours and a challenging job market. More than one in five between 16 and 24 are unemployed, with the youth unemployment rate at 21.3%, the highest recorded. Many young adults are finding it difficult to secure jobs despite their education and qualifications. Some are opting to stay at home temporarily to relax and reflect before finding better opportunities. However, the bleak job market and age discrimination pose challenges for those in their mid-30s. The situation has led to disillusionment among university graduates, with some even failing exams to delay graduation. China's slow economic recovery post-Covid and crackdowns on certain industries have contributed to the high unemployment rate. The government has downplayed the issue, using terms like "slow employment" to redefine unemployment, which has been met with criticism from the public. (Source: BBC)

Comment:

Unemployment remains a pressing challenge amidst China's growing economy in recent decades. Moreover, social inequality persists as well, with data indicating that China's economic growth has widened the gap between the rich and poor. These issues are not uncommon in capitalist systems, where economic expansion often fails to ensure fair distribution of wealth among the population. Similar disparities, unemployment, and poverty have long been observed in Western capitalist countries. China's adoption of capitalism has led to wealth gaps and joblessness, primarily benefiting business elites and individuals associated with the Chinese Communist Party, while rural areas continue to suffer.

This negative aspect of the capitalist system showcases how it can bring misery to society. No nation adopting this approach has been able to escape the fate experienced by existing capitalist countries. Muslims should take this as a lesson not to seek inspiration or guidance from non-Muslim nations that follow such systems for their own development. Instead, they should study and implement the economic principles taught by Islam to foster growth and establish a just society.

[أَفَحُكْمَ الْجَاهِلِيَّةِ يَبْغُونَ وَمَنْ أَحْسَنُ مِنَ اللهِ حُكْماً لِّقَوْمٍ يُوقِنُونَ]

“Is it the judgment of ˹pre-Islamic˺ ignorance they seek? Who could be a better judge than Allah for people of sure faith?” [Al-Maidah 5: 50]

Written for the Central Media Office of Hizb ut Tahrir by
Abdullah Aswar