China’s unemployment rate has been hit hard as the economy has continued to slow down. In the past, students who graduated from Peking and Tsinghua University used to be favorite candidates for the large companies. Now they can hardly find excellent jobs. Some of those who hold doctoral and master degrees from Peking and Tsinghua University reportedly have been applying for positions in the office of sub-districts in Hangzhou city of Zhejiang Province. Some of them have even taken positions as a stability maintenance agent.
According to the official data, there will be 8.74 million college graduates in China in 2020, an increase of more than 400,000 from last year. With COVID 19, the deterioration of US-China relations and the withdrawal of foreign capital from China, the pressure for employment in China has greatly increased. The statistics from a private institution suggest that the unemployment rate in China could reach double digit growth this year.
Source: Radio Free Asia, August 24, 2020