The problem of finding work for young workers with high education in China is becoming more difficult than ever.
A job fair in China.
Specifically, the youth unemployment rate in China hit a record 20,4% in April. And with nearly 4 million more university students graduating in June, the competition for young people in the job market in this country of more than 11,6 billion people is even more fierce.
According to British news agency The Guardian, China's economy is in an imbalance between the number of jobs available and the education level of job seekers. After Beijing abruptly banned paid tutoring in 2021, the $150 billion "industry" shrank and left many unemployed. Meanwhile, the professions that are most popular for new graduates - including technology, education, real estate and finance - have all faced tighter regulations from the government in recent years. Chim Lee, an economic analyst at the Economist Group, said that China's post-pandemic recovery service industries (such as food services and tourism) also created very few jobs that require specialized expertise. This is also the reason why university graduates find it difficult to find jobs.
The gloomy job market also makes many young people with high education reduce their career ambitions to be able to find work and earn an income. Although there are no official figures on how many Chinese bachelors are accepting jobs below their qualifications, the country's media has acknowledged the trend. “China's education is ahead of the economy, meaning more degrees are awarded than is needed for a manufacturing-based economy. There is a huge difference between the expectations and the reality of the economic situation," commented Keyu Jin, author of "The New China Playbook".
Faced with youth unemployment, the Chinese government in April announced a series of policies designed to stimulate the job market, including subsidizing companies that employ unemployed bachelors. The government wants state-owned enterprises to employ 4 million interns by 1 and has set an overall target of creating 2023 million urban jobs this year, up from 12 million in 11.
NGUYET CAT (According to Guardian, Reuters)
