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China / A Tough job market for Chinese college graduates

Although the job market in China is still much better than many other parts of the world, it is a tough market for graduates. Many job seekers have decided to shy away from the rat race and try other options.

A record-high 6.99 million Chinese students are leaving universities in 2013, a 2.8 percent increase year on year, to hunt for jobs at a time when employers are cutting down on recruitment, according to government figures.

The number of jobs for new hires this year has dropped about 15 percent year on year amid slowing economic growth in China, according to a Ministry of Education survey carried out among nearly 500 firms in February.

“The shrinking job market is the result of the sluggish world economy and tempered domestic growth,” said Yang Lin, director of the career guidance center of Beijing Technology and Business University.

New posts in many large state-owned enterprises have declined dramatically this year after economic reform or restructuring was performed in order to achieve efficiency, Yang added.

Out of 178,000 college graduates in Shanghai, 44.5 percent had signed up for employment as of May 10, while the figure for Beijing was only 33.6 percent at the beginning of May, according to government figures.

Chosen excerpts by Job Market Monitor

Capture d’écran 2013-06-25 à 09.06.22

via China Exclusive: Tough job market for Chinese college graduates – Xinhua | English.news.cn.

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