Nearly 7 million students are graduating from college in China this year, the biggest class on record and up from just 2.12 million a decade ago. But the nation’s economy is slowing — some analysts predict GDP growth will drop below the government’s 7.5% target this year — and that has led to a decline in the number of jobs requiring college degrees. Now many graduates like Li are finding their training ill-matched to the openings.
By some accounts, the unemployment rate for Chinese college graduates age 21 to 25 is 16%, nearly four times that of blue-collar workers. An Education Ministry survey of 500 firms found that employers had trimmed the number of jobs available for new hires this year by about 15%. In Beijing, an estimated 98,000 jobs are available for the 229,000 new graduates, a city education committee study found.
Well this is not good.