(Source)
Rising unemployment in China is forcing millions of college graduates into low-paying jobs or into dependence on their parents, creating a new working class of “lazy children” that has been compared to the unfinished “rotten buildings” that have plagued the country’s economy since 2021.
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Unemployed young people: A record number of college graduates are struggling to find jobs as the labor market is weakened by COVID-19 and regulatory measures in the financial, technology and education sectors. Youth unemployment reached a record 21.3% in June 2023, prompting authorities to suspend data reporting for reassessment. Despite government efforts, the unemployment rate remains high, reaching 17.1% in July this year.
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No guarantees: Many graduates in China find that their degree no longer guarantees them advancement or better job prospects. Some of them rethink their career path or continue their education in the hope of better opportunities. But even graduates with advanced degrees struggle to find jobs because the competitive academic environment does not lead to job security. China has increased university enrollment since 1999, but the supply of graduates continues to exceed the supply of jobs. The imbalance is expected to persist until 2037, when falling birth rates could reduce the surplus of graduates.
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