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VOA: As the US-China Trade War Escalates, China’s Employment Situation Is Getting Grim

As the US-China trade tensions intensify, China expects a record 8.34 million college graduates to enter the job market this summer. It is believed that the recent increase in tariffs that the U.S. has imposed has made China’s export-dependent economy more vulnerable. China’s employment situation will become more and more severe for all job seekers, including college graduates. A recent survey showed that the actual employment rate this year was only 52 percent due to the fact that college graduates have not been able to find matching professions after their graduations. The survey found that this means that at least 4 million graduates will soon become unemployed, although many of them may choose to continue their studies. A report that Renmin University of China and the Career Platform Recruitment Network completed jointly found that, in the first quarter of this year, the number of job seekers in China increased by 31 percent compared to the same period last year. It was the highest increase since 2011. The report concluded that the China Job Market Prosperity Index has fallen to its lowest level since 2014. However, the latest official statistics describe a slightly different situation. According to official data, the unemployment rate in China’s urban areas remained at 5.2 percent in March, down 0.1 percentage points from February.

Source: Voice of America, May 17, 2019