My MBA Career: Anxious Young Jobseekers Struggling in a Rat Race Amidst Rising Unemployment

Last Updated on April 29, 2024 by Robert C. Hoopes

As China’s youth unemployment rate remains high, young professionals like 26-year-old Jiang Yujie are feeling the pressure of the competitive job market. Despite graduating and finding work, Yujie has resigned twice due to the burden and stress of his job.

According to recent data, China’s youth unemployment rate is causing concern, with March rates for the 16 to 24 age group at 15.3 per cent and for the 25 to 29 age group at 7.2 per cent. The economic recovery in China is primarily being driven by external demand, which is impacting job opportunities for young people.

Private sector companies in China are also feeling the effects of low market confidence, regulatory crackdowns, and increased job competition, leading to hesitation in recruitment. A recent survey revealed that while 41 per cent of private firms experienced revenue growth last year, only 49 per cent plan to make modest increases to their workforce.

Facing limited prospects and fierce competition, many young jobseekers in China are considering freelance opportunities or relying on parental financial support. The Chinese government is taking steps to address the issue, with plans to create over 12 million new jobs in urban areas by 2024.

Beijing is also increasing support for young jobseekers through skills training and job opportunities in high-demand sectors such as advanced manufacturing and elderly care. Despite these efforts, the China Academy of Labour and Social Security predicts that youth unemployment will remain a pressing issue as the number of young people entering the job market continues to rise. With the 16 to 24 age group set to peak at 161 million in 2033, challenges in the labor force are expected to persist.