Record numbers of graduates continue to graduate this year as the job market faces a surplus of workers

Job prospects for Chinese college graduates fell for the second consecutive quarter at the end of last year to the lowest point since the early days of the coronavirus epidemic, in the face of slowing economic growth and intensifying competition, according to a new survey.The number of jobs available per applicant among fresh college graduates dropped to 0.88 in the fourth quarter of 2021, according to a survey conducted by the China Employment Research Institute at Renmin University of China and job hunting website’s only slightly higher than the 0.79 reading in the second quarter of 2020, and a significant drop from the 1.52 reading in the second quarter of 2021.”At present, the job market for college graduates remains stable and under great pressure, and structural contradictions still exist,” the report said, referring to the mismatch between supply and demand in the job market.According to the National Bureau of Statistics, the surveyed urban unemployment rate in 2021 was 5.1 percent, while for those aged 16 to 24, it was 14.3 percent.China graduated a record 9.09 million college students in 2021, and another 10.76 million are set to graduate this year, according to the Ministry of Education.”At present, the production and operation of some industries and enterprises have not returned to the pre-epidemic level.”Wang Hui, director of the Ministry of Education’s college student affairs department, said last month.”As the employment capacity of some small and medium-sized enterprises has decreased, the demand in the job market is still uncertain, and sporadic outbreaks of the epidemic have also had a negative impact on on-campus employment activities.””The employment situation for college graduates is still grim and complicated.”The report by the China Institute for Employment Studies at Renmin University of China said employers’ demand for college graduates in the fourth quarter of last year dropped 11.2 percent compared with the same period in 2020, while the number of job seekers rose 37.8 percent.According to the report, some industries that traditionally absorb large numbers of graduates, such as after-school tutoring, lost momentum last year.According to a separate report by the institute that reflects China’s overall job market, the employment situation at small and micro enterprises is less positive than at large enterprises.In the fourth quarter of 2021, small business employment demand increased slightly, but less than the increase in labor supply.Meanwhile, compared with the same period in 2020, the number of new job vacancies for small and micro businesses decreased by 11.85 percent, while the number of applicants increased by 21.21 percent.Now watch the Edge Lab to keep up with the latest financial news from around the world.For more exciting content, come to the Edge Lab

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