As many as 9,000 factories in Dongwan, Shenzheng, and Guangzhou are facing closing down and 2.7 million workers will lose jobs, reported United Daily News. In the mean time, 6 million college graduates are challenged with tough job market as many colleges received cancellation of on-campus job affairs notice from the businesses. There have been increases in students enrolled in the graduate degree study or competing over the limited spots to study overseas.
Moreover, public servant positions, the ones with more job security, are facing the worst competition ever. As of October 26, over 970,000 applications were accepted, 200,000 higher than the year before. Average ratio is 73 applicants competing for 1 position. The most competitive position is the one with Chinese Association of the handicapped which have 4723 applicants competing for 1 position.
Source:
United Daily News, October 25, 2008
http://udn.com/NEWS/MAINLAND/MAI2/4572614.shtml
Xinhua, October 27, 2008-10-26
http://news.xinhuanet.com/politics/2008-10/27/content_10258124.htm