China’s youth unemployment reaches record high – Kommersant

In April, the unemployment rate among urban youth (ages 16-24) in China reached a record high of 20.4%. This is almost four times the overall unemployment rate in the same period (5.2%). Experts attribute this to the excessive number of university graduates, many of whom cannot find work.

“This university bubble is ready to burst,” said in an interview with the TV channel CNBC Yao Liu, professor of sociology at Columbia University — The massive popularity of university education that began in the late 1990s created a huge influx of graduates, and the labor market became skewed between the demand and supply of highly skilled workers. The economy was not ready for this.”

Chinese university graduates are increasingly being offered lower-paying jobs that are usually reserved for less-skilled workers. Someone agrees to take such a position, but someone does not, which ultimately leads to an increase in unemployment among young people. “Many university graduates have to go to positions that do not correspond to the level of their education, just to avoid becoming unemployed,” emphasizes Professor Yao Liu.

Evgeniy Khvostik