I doubt it, people in full time education aren't generally counted as unemployed.

Here's Chinese media talking about it. They're obviously worried, but it's not an existential issue. The total unemployment rate is a pretty normal ~5%, the youth rate is currently just disproportionately high.

It's a demographic. I'm sure there are Chinese students in there but a lot less than you think. The.secondary school system is selective in China. Point is that China has negative impacts from economic downturn which is affecting its population.