China / Jobless fears as record 6.99 million graduates hit market

A record 6.99 million students – an increase of 190,000 compared to last year – will graduate from China’s higher education institutions this year. But graduate unemployment, a scourge in recent years, shows no sign of easing for the class of 2013.

Local media in a number of Chinese regions have been declaring 2013 as the toughest year ‘in recent memory’ for new graduates looking for their first job, with even the country’s top leaders voicing concerns.

Already official media is reporting that job vacancies for graduates in Beijing are at 98,000, a year-on-year decrease of 14%, with officials linking the drop to a slowdown in economic growth.

This month Chinese President Xi Jinping said in official statements that employment would be a top priority, at a time when economic growth has eased from double digit figures to around 7.7% in the first quarter of this year, the slowest annual rate for over a decade. The manufacturing sector also declined slightly this year.

Chosen excerpts by Job Market Monitor

via Jobless fears as record number of graduates hit market – University World News.

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