net_left Phương Thức Thanh Toán

Analysis: Record numbers of Chinese graduates enter worst job market in decades

23 Tháng Sáu 2022

By Martin Quin Pollard

BEIJING (Reuters) - Jenny Bai was among 10 high-performing computer science students from different Chinese universities selected by a Beijing-based internet firm for a job upon graduation, following four rounds of arduous interviews.

But last month, the company told the students their contract offers were cancelled due to COVID-19 headwinds and the bad state of the economy in general - obstacles facing a record 10.8 million Chinese university graduates this summer.

"I'm worried," said Bai, who graduated this month and did not want to name the firm to stay on good terms. "If I can't find a job, I'm not sure what I'll do."

China's COVID restrictions have battered an economy already slowing due to a property market downturn, geopolitical worries and regulatory crackdowns on tech, education, and other sectors.

A cohort of graduates larger than the entire population of Portugal is about to enter one of China's worst job markets in decades at a time when youth unemployment is already more than three times China's overall joblessness rate, at a record 18.4%.

There is no script for how such high youth unemployment will affect Chinese society.

Struggling to find jobs goes against what educated young people have come to expect after decades of breakneck growth, and is awkward for China's stability-obsessed Communist Party, especially in a year when President Xi Jinping is expected to secure a precedent-breaking third leadership term.

"The social contract between the government and the people was you stay out of politics and we will guarantee that every year you'll do better than last year," said Michael Pettis, Professor of Finance at Peking University.

"So the concern is that once that guarantee breaks apart, what else has to change?"

GRAPHIC: Number of graduates in China (https://graphics.reuters.com/CHINA-ECONOMY/UNEMPLOYMENT/xmpjowneevr/chart.png)

TOP PRIORITY

Premier Li Keqiang has said stabilising the job market for graduates is a top government priority. Companies granting internship posts to new graduates will receive subsidies, on top of other perks aimed at boosting employment in general.

Some regional governments have offered cheap loans to graduates looking to launch their own businesses. State-backed firms are expected to pick up some of the slack in private sector entry-level jobs.

Rockee Zhang, Managing Director for Greater China at recruitment firm Randstad, says China's entry-level jobs market was worse even than during the 2008-09 global financial crisis, estimating new jobs falling 20-30% from last year.

"This year is a low point, the lowest I’ve seen," said Zhang, who has been a recruiter for two decades.

Expected salaries are also 6.2% lower, according to Zhilian Zhaopin, another recruitment firm.

China's Ministry of Human Resources and Social Security and the Ministry of Education did not respond to requests for comment.

GRAPHIC: Expected salary for graduates in China (https://graphics.reuters.com/CHINA-ECONOMY/UNEMPLOYMENT/znvnegxnapl/chart.png)

The tech sector has been a significant employer of many Chinese graduates, but this year the industry is trimming its workforce, recruiters say.

A regulatory crackdown prompted many of China's tech giants including Tencent and Alibaba (NYSE:BABA) to make massive job cuts. A combined total of tens of thousands have lost their jobs in the sector this year, five tech industry sources told Reuters. Job cuts varied between China's roughly 10 biggest tech companies varied but averaged at about 10%, according to a report published in April by Shanghai-based Talent Assessment and Management Consulting group NormStar.

The companies did not respond to requests for comment.

In April, a nine-month freeze on online gaming licenses over violent content and other issues was lifted, during which time 14,000 firms in the industry shut.

Private education, another sector which drew regulatory scrutiny, parted with tens of thousands of workers as well. The largest firm in the industry, New Oriental, has announced 60,000 layoffs.

New hiring is slow. A human resources manager at a Tencent business unit, who asked not to be named as they were not allowed to speak to the media, said they were looking to hire "a few dozen" new graduates, compared with about 200 a year previously.

“Internet companies have cut tonnes of jobs," said Julia Zhu of recruitment firm Robert Walters. "If they have the financial resources to bring people in they are now opting for more experienced candidates rather than fresh graduates."

GRAPHIC: Increase in unemployment among urban youth in China (https://graphics.reuters.com/CHINA-ECONOMY/UNEMPLOYMENT/lbvgnxlzgpq/chart.png)

Jason Wang, a Beijing-based headhunter who has worked mostly with tech companies in recent years, is now recruiting mainly for state-backed telecommunication firms.

"The golden age of internet companies’ hiring sprees has ended," Wang said.

In China, being jobless for some time after graduation is typically frowned upon by employers. Many families see it as a humiliation rather than bad luck with the economy.

Taking blue-collar jobs after getting a university degree also often draws disapproval, so to avoid long gaps in their CVs, record numbers are applying for post-graduate studies, official data show.

GRAPHIC: Postgraduate enrollments in China (https://graphics.reuters.com/CHINA-ECONOMY/UNEMPLOYMENT/byvrjamkyve/chart.png)

Vicente Yu graduated in 2021 but has been unemployed since losing his job at a media company late last year. His savings will cover another month or two of rent and basic expenses in the southern city of Guangzhou.

"My dad said you should never come home again, he said he should have raised a dog instead of me," said the 21-year-old, who has been struggling with anxiety and sleep problems.

He spends his nights on social media platforms, where he finds other young people in similar situations.

"I look at all those people who are like me, who couldn't find a job, and get some solace from it."

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Number of graduates in China https://tmsnrt.rs/3N5ZYlT

Expected salary for graduates in China https://tmsnrt.rs/3OeMmGi

Increase in unemployment among urban youth in China https://tmsnrt.rs/3n7IJpF

Postgraduate enrollments in China https://tmsnrt.rs/3ybIHmP

Postgraduate enrolments in China (interactive) https://tmsnrt.rs/3tSO9IS

Number of graduates in China (interactive) https://tmsnrt.rs/3QGpgdi

Increase in unemployment among urban youth in China (interactive) https://tmsnrt.rs/3xCGKhW

Expected salary for graduates in China (interactive) https://tmsnrt.rs/3Nq7TL3

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Để lại bình luận
Hot Auto Trade Bot Phương Thức Thanh Toán
BROKERS ĐƯỢC CẤP PHÉP
net_home_top Ai VIF
03-07-2022 07:19:08 (UTC+7)

EUR/USD

1.0429

-0.0053 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (4)

EUR/USD

1.0429

-0.0053 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (4)

GBP/USD

1.2098

-0.0076 (-0.63%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (3)

USD/JPY

135.21

-0.52 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.6816

-0.0085 (-1.23%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

USD/CAD

1.2888

+0.0015 (+0.12%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (4)

EUR/JPY

140.98

-1.29 (-0.91%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (3)

EUR/CHF

1.0007

-0.0002 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Gold Futures

1,812.90

+5.60 (+0.31%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Silver Futures

19.823

-0.529 (-2.60%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Copper Futures

3.6138

-0.0962 (-2.59%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (3)

Crude Oil WTI Futures

108.46

+2.70 (+2.55%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

Brent Oil Futures

111.48

+2.45 (+2.25%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

5.620

+0.196 (+3.61%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

US Coffee C Futures

223.95

-6.15 (-2.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

Euro Stoxx 50

3,448.31

-6.55 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

S&P 500

3,825.33

+39.95 (+1.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

DAX

12,813.03

+29.26 (+0.23%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (2)

FTSE 100

7,168.65

-0.63 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Hang Seng

21,859.79

-137.10 (-0.62%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (3)

US Small Cap 2000

1,727.76

+19.77 (+1.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

IBEX 35

8,176.10

+77.40 (+0.96%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

BASF SE NA O.N.

41.270

-0.255 (-0.61%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Bayer AG NA

57.35

+0.63 (+1.11%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Allianz SE VNA O.N.

182.00

-0.12 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

Adidas AG

167.64

-1.12 (-0.66%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Deutsche Lufthansa AG

5.566

+0.002 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Siemens AG Class N

96.00

-1.09 (-1.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Deutsche Bank AG

8.053

-0.265 (-3.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

    EUR/USD 1.0429 Neutral  
    GBP/USD 1.2098 ↑ Buy  
    USD/JPY 135.21 ↑ Sell  
    AUD/USD 0.6816 ↑ Sell  
    USD/CAD 1.2888 Buy  
    EUR/JPY 140.98 Neutral  
    EUR/CHF 1.0007 ↑ Sell  
    Gold 1,812.90 ↑ Buy  
    Silver 19.823 ↑ Buy  
    Copper 3.6138 Neutral  
    Crude Oil WTI 108.46 ↑ Sell  
    Brent Oil 111.48 ↑ Sell  
    Natural Gas 5.620 ↑ Sell  
    US Coffee C 223.95 ↑ Sell  
    Euro Stoxx 50 3,448.31 ↑ Buy  
    S&P 500 3,825.33 ↑ Buy  
    DAX 12,813.03 Buy  
    FTSE 100 7,168.65 ↑ Buy  
    Hang Seng 21,859.79 Sell  
    Small Cap 2000 1,727.76 ↑ Buy  
    IBEX 35 8,176.10 ↑ Buy  
    BASF 41.270 ↑ Buy  
    Bayer 57.35 ↑ Buy  
    Allianz 182.00 ↑ Sell  
    Adidas 167.64 ↑ Sell  
    Lufthansa 5.566 ↑ Sell  
    Siemens AG 96.00 ↑ Buy  
    Deutsche Bank AG 8.053 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,800/ 6,860
(6,800/ 6,860) # 1,805
SJC HCM6,820/ 6,880
(0/ 0) # 1,766
SJC Hanoi6,820/ 6,882
(0/ 0) # 1,768
SJC Danang6,820/ 6,882
(0/ 0) # 1,768
SJC Nhatrang6,820/ 6,882
(0/ 0) # 1,768
SJC Cantho6,820/ 6,882
(0/ 0) # 1,768
Cập nhật 03-07-2022 07:19:10
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,809.92 +3.12 0.17%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V33.36034.020
RON 95-III32.76033.410
E5 RON 92-II30.89031.500
DO 0.05S29.61030.200
DO 0,001S-V30.41031.010
Dầu hỏa 2-K28.35028.910
ↂ Giá dầu thô thế giới
WTI $106.74 0 0%
Brent $110.70 0 0%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.130,0023.440,00
EUR23.737,7925.045,79
GBP27.507,8628.656,57
JPY167,24176,91
KRW15,5418,92
Cập nhật lúc 07:09:24 03/07/2022
Xem bảng tỷ giá hối đoái
Phương Thức Thanh Toán