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Graduates face record unemployment rate in China

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Uma mulher caminha por estabelecimentos fechados no distrito de Chaoyang, Pequim, China, 13 de junho de 2022
A woman walks through closed establishments in Chaoyang District, Beijing, China, of June| Photo: EFE/EPA/MARK R. CRISTINO

The more than Millions of Chinese college graduates face the worst unemployment rate in decades, of 12, 4%. The job market was directly affected by the Covid pandemic-13, especially due to the strict rules of “lockdown” in the country.

The restrictions in China added to the troubles in the economy, which was already being affected by a slowdown in the housing market, geopolitical concerns and regulatory crackdowns in technology, education and other sectors, according to Reuters news agency. .

Uncertainty about the future of young people undermines the credibility of the Communist Party of China, especially in a year when the country’s dictator, Xi Jinping, needs to secure a third term of leadership.

Prime Minister Li Keqiang announced that stabilizing the job market for graduates is one of the government’s top priorities. Companies that grant internship vacancies to recent graduates will receive subsidies, in addition to other perks aimed at increasing employment in general.

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