China is currently experiencing a severe unemployment crisis, with employment anxiety becoming a hot topic in society. Analysts believe that there is an oversupply of college students, with a large number of people vying for good job opportunities. Apart from the elite, most individuals are struggling in this highly competitive society.
Regarding the current employment crisis for graduates in China, on May 30th, the South China Morning Post reported that due to uncertain economic prospects, employers are cutting back on hiring graduates, leading to overwhelming anxiety among the country’s youth.
The report pointed out that the Chinese economy is struggling to create enough high-quality job opportunities to absorb the ever-growing number of graduates. Apart from the increasing demand for talent with artificial intelligence-related skills, graduates from other backgrounds are still facing immense pressure to secure jobs, making it increasingly difficult to enter top companies and renowned research institutions.
Millions of university graduates flood the job market annually. Chinese economist Xu Tianchen also stated that “competition in the job market will remain fierce, and youth unemployment will be a long-term issue.”
The article analysis suggests that the US-China trade war is just one of the many factors affecting employers. The real estate industry, once a pillar of the national economy, has fallen into a deep recession. Following a series of strict regulations, significant salary cuts, and massive layoffs, the once glamorous image of the finance industry has dimmed.
The report quoted Wang Dan, the China Director of the consulting firm Eurasia Group, as saying that the job prospects this year are bleak. “Most graduates in finance, IT, and engineering fields are either unemployed or preparing for postgraduate exams or civil service exams. There is almost no third option.”
The public sector is streamlining staff, and state-owned banks have significantly reduced their spring recruitment scale. With job opportunities scarce, employment anxiety has reached its peak. Wang Dan remarked, “What we are seeing is not just unemployment but also a significant decline in job quality.”
For a long time, the actual unemployment rate among Chinese youth has been much higher than the officially reported data. As graduation approaches, many students share the employment situation in their schools and majors, indicating that having over half of the class unemployed is a common occurrence.
Graduates are facing dilemmas on whether to pursue further studies, take civil service exams, or go directly into the workforce. The anxiety is palpable as they navigate the uncertainties of their future careers.
Recent graduates and those who graduated in previous years are also experiencing anxiety. Some have been unemployed for an extended period, while others have resigned from unsatisfactory jobs. The competitive job market is pushing individuals to consider various options for their career paths.
The uncertainties in the job market have left many graduates feeling lost and struggling to find stable employment. Despite the challenges, there are success stories of individuals who have managed to secure new job opportunities after facing setbacks in their careers.
Among them is “Duo Duo,” a software engineer from Shanghai, who, after losing her job due to the closure of her previous company, managed to secure a new job offer within just two weeks. Her expertise and language skills played a crucial role in her swift reemployment.
Similarly, Mr. Lin, an engineer with years of experience in Beijing, has witnessed the fluctuating job market dynamics. Despite the challenges, he has managed to navigate the competitive landscape and secure a position in a project at an outsourcing company.
Mr. Lin emphasized the importance of leveraging opportunities as a recent graduate, as companies often provide training for new hires without prior experience. However, for experienced professionals over the age of 35, the job search has its own set of obstacles, including companies seeking to reduce costs by favoring younger candidates.
He pointed out that older employees need to continually upgrade their skills to remain competitive in the job market. While the age of 35 may present challenges, having relevant certifications and skills can break the barriers imposed by the competitive nature of the job market.
Mr. Lin noted that being phased out at 35 is not only an individual issue but also a societal problem that needs to be addressed. He believes that a healthy society should provide opportunities for everyone, not just the elite, to lead fulfilling lives.