A record of almost 11 million new graduates are expected to flood the labour market this year. Read more at straitstimes.com.
last year, he escalated a jobs crisis for the youngest and brightest minds needed to power the nation's economy.
"Before 2019, people were very eager about working for Internet giants," she says. Now her parents don't want her to go near a private company given the myriad problems they face. There's no short-term relief on the horizon either, given the government's hard-line Covid Zero policies and tech companies struggling to keep losses in check.
Tech giants were pummelled during the 2021 crackdown, which handcuffed money-making in sectors like online education, froze IPOs and deals, and forced Alibaba and its peers to pull out of promising businesses. Tencent is scaling back even teams at reliable money-spinners such as Peacekeeper Elite and Honor of Kings, according to Amanda, who wanted to be identified only by her first name to avoid getting blacklisted by employers.
To address the issue, China's central government is pushing plans from helping younger workers start their own businesses to strengthening vocational training and expanding headcounts at public institutions.As tech fades into the background, government-backed firms are expected to take the lead in snapping up fresh graduates, said Ms Iris Pang, chief economist for Greater China at ING Groep. Yet whether these positions are attractive to more highly educated job-seekers is an open question.
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