Bloomberg reported on November 16 that China’s youth unemployment is already close to an all-time high as a record number of graduates enter the labor market.
On Tuesday, Education Ministry said that about 11.58 million students from universities and colleges will graduate in 2023, 0.82 million more than this year’s total.
The work market is already difficult for young people as the economy struggles with property turmoil, the pandemic, and its controls.
According to the National Statistics Department, the surveyed jobless rate for people aged 16-24 hit a record high of 19.9% in July and remained higher at 17.9% last month.
The education ministry called, “All colleges and universities in various places should do everything possible to promote market-oriented employment.”
Chinese universities and colleges have produced millions of graduates in recent years, 10 times what they were a few decades ago.
While most students are for white-collar jobs, businesses are creating fewer big-city office employment for new graduates.
With several measures, the government has tried to help the labor market absorb all the new entrants this year.
Measures include incentives for businesses to keep jobs, a loan guarantee, and tax reductions for those who want to start their own business.
The nation plans to create 11 million new urban jobs this year to maintain the overall jobless rate under 5.5%
According to data from the National Statistics Bureau, the country created 8.98 million jobs in the first eight months of the year.
However, the agency stopped reporting monthly figures since September.