A national survey released last winter found that in the age bracket of 21- to 25-year-olds, 16 percent of the men and women with college degrees were unemployed.
But only 4 percent of those with an elementary school education were unemployed, a sign of voracious corporate demand persisting for blue-collar workers. Wages for workers who have come in from rural areas to urban factories have surged 70 percent in the last four years; wages for young people in white-collar sectors have barely stayed steady or have even declined.
Economists have long estimated that the Chinese economy needs to grow 7 or 8 percent annually to avoid large-scale unemployment. But that rule of thumb has become less reliable in recent years as the labor market has split.
Relatively slow growth is still creating enough jobs to provide full employment for the country’s blue-collar workers. But much faster growth may be needed to create white-collar jobs for the graduates pouring out of universities.
Chosen excerpts by Job Market Monitor
A mere 3 percent of China’s recent 6.9 million college graduates had found jobs in the country as of May, news portal eastday.com reports. According to the recent employment situation report issued by a job-hunting website on Thursday, China’s financial hub came in at fourth place on a competition index of graduates looking for jobs … Continue reading »
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 … Continue reading »