The unemployment rate for young individuals between the ages of 16 and 24 in China reached record highs of over 20% in the months of May and April. According to interviews conducted by CNBC, many students and recent graduates are finding it more difficult to secure jobs this year. While most individuals eventually find employment, the jobs they obtain may not offer optimal pay or align with their area of study. Due to the sensitivity of youth unemployment in China, some interviewees requested anonymity. One student from a prestigious university revealed that his classmates are sending out a minimum of 100 resumes, with some sending over 200 job applications. Fortunately, he had applied to 80 positions and received three job offers. He recently graduated from Shanghai Jiao Tong University, which is ranked third in China and 89th globally according to U.S. News and World Report.
The youth unemployment rate in China rose to a new record high of 21.3% in June. Zhang Chenggang, the director of a research center for new employment forms at the Capital University of Economics and Business in Beijing, attributes the high youth unemployment rate to businesses’ insufficient demand. Zhang explains that the uncertainty in the future has made businesses less willing to hire young workers who require training, regardless of the education system.
Comparatively, the unemployment rate for individuals aged 16 to 24 in the United States reached a high of 27.4% in April 2020 before declining to around 7% this year, according to data from the U.S. Bureau of Labor Statistics. In China, job opportunities for recent graduates were missed as large internet companies only sought current students for internships that could potentially lead to jobs. The pandemic presented different circumstances when the student was still in school, making her unaware of such opportunities.
China’s economic rebound from the pandemic has recently slowed down, with exports steadily declining, and the real estate sector yet to recover. Hiring plans have also decreased based on surveys conducted by the Beijing-based Cheung Kong Graduate School of Business and Caixin. Even in industries like semiconductors, which were previously considered popular and government-supported, finding a job has become more challenging. The pandemic and regulatory changes have eradicated many jobs within these industries, while the number of graduating students has reached record levels.
Zhang expects the youth unemployment rate to decrease towards the end of the year following the summer graduation season. He believes that as more families in China become affluent, young people can take their time to prepare for higher education exams and find jobs that offer a work-life balance. Some individuals, however, may choose to remain inactive due to recent global events, which have highlighted the unpredictability of making plans.
In an attempt to secure job stability, a record 7.7 million people took the civil service exam in China this year. Additionally, over 4.7 million individuals registered for an annual postgraduate studies exam, setting a new record. Facing the challenges of a difficult job market, some individuals opt for further education or pursue alternative paths, such as working remotely. Sirui Jiang, for example, decided to pursue another master’s program instead of settling for a job she did not desire.
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