Chinese graduates encounter tougher job market as economy slows
- Ratio of vacancies to jobseekers in first quarter of 2019 hits lowest level in four years
- Positions for graduates are down, as are the high-paying jobs the government relies on for shift to consumption-based growth
Even the best and brightest among the record 8.3 million graduates this year are struggling to land the prestigious jobs they had hoped for. More than 20 students from top Chinese and overseas universities told Bloomberg News they are pessimistic about the job market.
Some have deferred graduation or taken internships rather than jobs because they cannot find the right role. Two said that companies had withdrawn offers.
Among them is David Yang, who was set to graduate last week with a finance degree from Tsinghua University – China’s No. 1 university, according to Times Higher Education’s world university rankings – and start working at an asset management firm.
The job fell through because the company did not have enough headcount. Yang has delayed his graduation to 2020 and will spend the coming year as an intern at another company.
