China is facing a serious issue in the job market, especially concerning recent graduates.
Data released by the human resources company Zhaopin revealed that in April last year, only 48% of Chinese graduates had received job offers, a 2.4% decrease compared to the previous year.
Two months after graduation, over half of university students and graduates were still in search of employment.
The pandemic has significantly impacted the job market, with the government’s measures to control the spread of the virus leading to a decrease in job offers.
Private sector companies, traditionally major employers of young people, are cutting back on hiring due to government efforts to prevent market bubbles and monopolistic behavior.
Recent graduates in China are turning away from private sector jobs, with only 13% of students seeking employment expressing a desire to work for a private company, down from 25% in 2020.
Many young workers, especially in the technology sector, are facing uncertainties and job insecurity, leading to a shift in preference towards state employment for job stability.
Moreover, the increasing number of new graduates entering the job market, driven by a focus on advanced degrees, has exacerbated job scarcity.
The Ministry of Education in Beijing reported a record 11.79 million new graduates in the summer of 2024, up by 210,000 from the previous year.
Not only are graduates struggling to find suitable employment, but companies in China are also facing challenges.
Tech industry leaders are dealing with low growth, rising competition, and investor apathy, leading to layoffs and increased demands on remaining employees.
Engineers in China lack the perks enjoyed by Silicon Valley counterparts, with long working hours and intense pressure to perform.
Recent economic challenges and market fluctuations have forced Chinese tech executives to take steps back from the progress made towards greater social equity, with Jack Ma’s past endorsement of the demanding 996 work schedule resurfacing.
As the market faces uncertainties and stock prices decline, executives are reverting to stricter measures and job cuts.
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