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Unemployed Young Graduates Change Job Market

Yi Magazine July 14, 2023

By NewsChina Updated Oct.1

The urban unemployment rate of the labor force aged between 16 and 24 reached 20.8 percent by May, up 2.6 percent year-on-year. The number of college graduates in 2023 reached a record high of 11.58 million, a staggering nearly six-fold growth compared to 2003, four years after China started to increase college enrollment. From robust economic expansion and globalization to the present era fraught with uncertainties, young Chinese graduates aged 28 and below are challenged by downsizing, economic decoupling and stratification of social classes. Amid the changing situation, young people prefer stable government jobs or to work in State-owned enterprises, while others opt for flexible employment or creative jobs in lucrative AI sectors. Experts contend that the competition for desirable positions will intensify in the coming years, necessitating a combination of skill adaptation and strategic career choices among young people.