China job markets shrink fresh graduates struggling to find employment

 

 China's record class of 2024 college graduates -- 11.8 million -- are entering the weakest job market the country has endured in years as the former growth sectors of internet companies, education employers and real estate developers reduce their payrolls.

 As job markets shrink in China, fresh graduates struggling to find meaningful employment have been forced to scale back career ambitions and salary expectations as the economy fights to regain its footing.

 The reality hit home when an unusual hiring decision was made public recently, in which a 24-year-old pursuing a master’s degree in physics awaited a new job as a high school janitor in the eastern city of Suzhou.

The Suzhou High School Affiliated to Nanjing University of Aeronautics and Astronautics announced last week that it was planning to hire the postgraduate student as a janitor on a temporary contract.

 The news circulated widely online as China continued to report a high jobless rate for young people.
According to the National Bureau of Statistics (NBS), the jobless rate for the 16-24 age group, excluding students, rose to 18.8 per cent in August, up from 17.1 per cent in July.

 This marks the highest reading since Beijing revised its statistical method and reintroduced the youth unemployment data in December, after halting its publication four months earlier.

Persistently high youth unemployment rates have posed a major challenge for Beijing as it works to stabilise the economy and restore public confidence. With nearly one in five youth unemployed as of August, social stability and public trust are at risk.