China Faces Job Market Pressure with Record College Graduates

Next year, China expects to see a record-breaking number of college graduates—a staggering 12. 22 million. That's more than the entire population of Ohio! This significant increase comes as the country tries to strengthen its economy, which has been shaky due to the pandemic. The job market in China is already quite crowded. With so many graduates entering the workforce next year, the competition for jobs will only get tougher. Many young people in China are feeling uncertain about their future. They're calling this period the "garbage time of history" because job prospects aren't looking great. The real estate market in China isn't doing too well. Plus, big industries that used to hire a lot of graduates, like tech and tutoring, are still recovering from tough regulations from the government.In September, the unemployment rate for young people between 16 and 24 years old was 17. 6%. That's a bit lower than it was before, but it's still high. The overall unemployment rate was 5%. The Chinese government has been organizing job fairs. In fact, since September, they've held over 55, 000 events with more than 10 million job openings! The education ministry also wants to create over 180, 000 jobs for fresh graduates next year. However, not everyone is happy about the situation. People in their thirties feel overlooked because companies often hire younger, cheaper workers. Starting next year, the retirement age in China will increase, which could make the job market even more crowded. On the bright side, retail sales have been doing better. In October, sales were up by 4. 8% compared to the same time last year. That's some positive news for the Chinese economy.