China Faces Employment Crisis

From the Worldwatch Institute (via China Digital Times)

China Faces Employment Crisis; Recent Graduates, Rural Migrants Among Hardest Hit

Despite record-shattering economic growth rates and swift industrialization, a major jobs crisis is brewing in mainland China, reports China Economic Weekly [article, Chinese]. The number of people entering the job market this year is expected to reach 17 million and the labor surplus could reach 14 million, according to an April report by the National Development and Reform Commission (NDRC).

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Over the last five years, the two major demographic groups entering the job market have been rural migrants and college graduates. Millions of new graduates now face limited employment options, and the likelihood of being unemployed or being forced to accept low-paid work is expected to only increase. According to China’s Ministry of Education, 4.13 million students will graduate from universities and colleges in 2006, 750,000 more than last year and three times the number in 2001.

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