rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Slow growth raises spectre of unemployment in China

Slow growth raises spectre of unemployment in China

Last updated on: August 7, 2012 09:02 IST

Slow growth raises spectre of unemployment in China

     Next

Next
K J M Varma in Beijing

As its economy slows down due to falling external demand, China faces unemployment problem as a record number of 6.8 million new college graduates poured in to the job market this year.

"That's a record high for China, and their prospects aren't helped by a shrinking economy", a report in the state-run CCTV said.

Click NEXT to read further. . .


Image: A waste collector carries a sack of recycled material as she leaves a construction site in Beijing's central business district.
Photographs: Jason Lee/Reuters
Tags: CCTV , China

     Next

Slow growth raises spectre of unemployment in China

Prev     Next
Prev

Next

According to the MyCos Research Institute, half of this year's grads are still struggling to find jobs.

"This bachelor degree certificate used to be a magic key for Chinese grads to a high-paid job.

"But now, for many of them here, its really little more than permission to rent a bed in a job-seekers' dormitory" Hang Peng, of Beijing, one of the unemployed said.

This year, close to seven million college graduates are entering the work force.

Click NEXT to read further. . .


Image: A labourer walks on coils of steel wire at a steel market in Shenyang, Liaoning province.
Photographs: Sheng Li/Reuters

Prev     Next

Slow growth raises spectre of unemployment in China

Prev     Next
Prev

Next

That's a record high for China, the report said. Sarah Jones, human resources expert of Antal International China, said, "The Ministry of Human Resources and Social Security detailed that every year only 12 million jobs are created."

"And the rest of the population here in China. So it doesn't take a mathematician to start working out where the burgeoning problems lie here today in 2012," she said.

Click NEXT to read further. . .


Image: A labourer works at a valve factory in Wenzhou, Zhejiang Province.
Photographs: Carlos Barria/Reuters

Prev     Next

Slow growth raises spectre of unemployment in China

Prev     More
Prev

More

Also the competition between the local graduates and those studying abroad is sharpening, she said.

There are a lot more Chinese graduates who were studying in the US or the UK.

"So not only you have to compete with your next door neighbour who went to (local) Nanjing University and got the same degree, but you are also competing with an influx of students who have automatically an international platform," Sarah Jones told CCTV.


Image: Migrant labourers wash a roof near The Bund on the banks of the Huangpu River in Shanghai.
Photographs: Aly Song/Reuters

Prev     More
© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.