Summary:

In May 2023, China recorded the youth unemployment rate (age group: 16-24) at 0.9 percentage points higher than the record of 19.9% during the Covid years. The recent rise in unemployment arises from a lack of high-paying, high-skill positions to accommodate the growing number of educated young people.

Before 1999, the enrolment rate in China’s higher education was lower than 6%. However, from 1998 to 2021, the enrollment rate in China surged ten-fold, reaching 63%, surpassing the intended target of 15% stated in the 1999 reformation plan(considered the benchmark for “mass higher education”). Expanding higher education enrolment without an accompanying increase in skilled jobs creates challenges for graduate employment in China.

Highlights:

• The summer of 2023 will witness a record number of 11.6 million graduates completing their university studies and entering the job market.
• In 2022, the number of undergraduate students who chose to continue with studies by registering for the graduate school entrance exams increased by 21% to reach 4.57 million. Additionally, Chinese universities have proposed the option of pursuing a “second undergraduate degree” for graduating students.

Article By Li, Jingwei

Graphic By GE, Yixuan