BEIJING, China — Early morning in Beijing, with the temperatures barely above freezing, thousands crammed the National Agricultural Exhibition Center. It was shoulder-to-shoulder as they pushed their way to the front of the booths with resume in hand.
This was the first jobs fair in the capital this year as the unemployment rate among graduates, known as the “Bird’s Nest Generation,” and the less-than-charitable “Pampered Generation,” slowly edges up - proof that the economic crisis is cutting a painful path across all sectors of society. This year more than 6 million graduates will be looking for work across China.
“There’s so much pressure with all this competition, it’s just how it is right now in China,” said one man who recently graduated with a degree in media and public relations.
He added: “Because of the financial crisis it will be difficult to find a job.”
Others were significantly lowering their expectations — two nursing graduates said they were willing to look for jobs in other areas, oddly enough they said they would even consider a job in finance, while at the same time lamenting their plight as job seekers in an economy that has taken a downturn.
“Last year was much better than this year to look for work,” said one of the nurses.
There was once a time when these university-educated graduates were guaranteed a good salary and lots of perks, but not now. A recent survey has also shown, for the first time, that average wages for newly employed graduates is falling between 10 percent and 12 percent, depending on the city.
For the companies that are still hiring it means they can have their pick of the best and the brightest. One real estate company recruiter said his company would demand only the very best salesmen.
Perhaps it was the optimism of the young, perhaps because it’s still early days in this financial meltdown, perhaps because they’ve never been through this before, but most expected to eventually get a job. Maybe not their first choice, but a job.
One woman refused to even consider a job in a factory, or other menial labor, “I’ll just wait” she said.
The question is how long will she be able to sit this crisis out?
February 6th, 2009 444 ET
Capital is bad.
what is it good action.
February 10th, 2009 652 ET
Traditionally, whenever and wherever possible, higher education would be a must for most Chinese. Little wonder millions of tertiary graduates are pouring into the job market. Coupled by the many more millions of unemployed migrant workers, massive unemployment has turned out to be a threatening nightmare for the Chinese authority in this time of dreadful economic scenario.
It is of utmost importance that Beijing tackles the burning issue to find a workable solution, the sooner the better. Otherwise, the consequences can be catastrophic to the stability and growth of the nation.
(Tan Boon Tee)
February 12th, 2009 431 ET
Waiting out is easier on Chinese as they live in multigenerational families who have a support system built-in. In US, people can’t do that as most people live in much smaller housholds.