In the bustling city of Shenzhen, the unemployment rate is soaring, with a 40.1% increase in the number of registered unemployed individuals in the first quarter compared to the same period last year. Behind the official data lies a harsh reality: salaries are plummeting, many people are struggling to find jobs, and some unemployed individuals are resorting to disguising themselves as “working” by spending their days in libraries.
According to a report by Lianhe Zaobao on July 14, many unemployed netizens in Shenzhen have shared on social media that they choose to “pretend” to work in places like libraries and cafes to maintain their daily routines and alleviate concerns of their families.
Recently, reporters from the newspaper visited the Shenzhen Library located in the Hongshan area of Longhua District and found it packed with people, predominantly young individuals, even on weekdays. Many young people were seen with laptops, some were sending out resumes, others were watching videos, and some were even dozing off with their heads resting on their arms.
The report mentioned Zheng Min, a financial manager who lost her job at the end of last year. Over the past six months, she has sent out hundreds of resumes in Xiamen, but to no avail, as her qualifications did not match the companies’ requirements.
Zheng Min revealed, “I have been working in finance for over ten years, earning an average monthly salary of 25,000 yuan. However, for similar managerial positions now, many companies are only offering salaries ranging from 8,000 to 12,000 yuan, with longer working hours and significantly reduced benefits compared to before.”
In May of this year, Zheng Min returned to Shenzhen, the city she had left three years ago, hoping to secure a job in this first-tier city.
She explained, “I left Shenzhen for Xiamen three years ago to be closer to my hometown. However, the current wage levels there are no longer sufficient to cover my living expenses, forcing me to come back to Shenzhen to seek employment.”
Nevertheless, the unemployment rate in Shenzhen has been skyrocketing. Data released by the Shenzhen Human Resources and Social Security Bureau for the first quarter of 2024 showed a 40.1% year-on-year increase in registered unemployed individuals, a 15% increase compared to the previous quarter.
Lianhe Zaobao expressed concern that this figure does not account for those who did not register as unemployed, those who had previously registered as unemployed, or individuals who continue to pay social security funds even after losing their jobs. The publicized data is believed to represent only a small portion of the actual situation.
Peng Peng, Executive Chairman of the Guangdong Provincial Institute of Reform Research, told the newspaper that many industries in Shenzhen, particularly finance and technology, are more likely to lay off employees or reduce hiring to cope with uncertainties.
Peng Peng stated, “If deep-seated reforms are not carried out after the Third Plenum, it may be difficult to reverse the economic development trend. This fundamentally involves the direction of national development and the integration with the global market. Enterprises must be prepared for challenging operations, while residents must be prepared to endure difficult times.”