Ahead of the graduation of the 2023 batch of students in China, the government of china is struggling with growing concerns for unemployment. In June 2023, the country will see over 11.6 Million students graduate from college. This new crowd of graduates is coming to the job market at a difficult time. The government experts state that more than 20% of the young population of China is currently in the market without jobs.
The crisis will further worsen as the new graduates begin competing for limited jobs. The experts have claimed that one in every five chinese youngsters is unemployed.
The statistics are currently at the highest level in the last five years. The government of China started announcing unemployment and other such statistics in 2018. Meanwhile, the people of the country are struggling to find jobs. The youth is gradually losing confidence in their capability to find appropriate jobs. Youth with high rated professional education and graduate degrees are sharing their issues.
The reports from experts reveal that the situation became worse after the government of China started imposing strict regulations during the Covid-19 pandemic. Further, it is worth noting that these impositions severely impacted the industrial and service sector of the economy. The regulations that the government of China imposed on their population resulted in severe restriction in movement and business proceedings.
The restrictions imposed on the people during the Covid-19 Pandemic had a negative impact on the economy of China. The small businesses of the country suffered severe consequences to the government’s zero covid policy. Meanwhile, the confidence of the consumer in the market trends is also dwindling downward. The government claimed that they are making efforts to revive the economy of the country.
However, the situation with youth unemployment is nowhere near a solution. The economy is recovering much slower than the experts initially estimated. The expectation of the job seekers does not align with the available jobs in the market. The jobs are available in the sectors of tourism, cargo transportation and retail. However, these don’t always align with the requirements of the job seekers.