Every year, millions of Chinese college graduates prepare to enter the job market. Unfortunately, they are more and more frustrated by the growing unemployment rate, and the hostile labor market environment.
According to China Youth Daily, this year nearly 40 percent of new graduates failed to find a job, even those with advanced educational credentials. This unemployment rate is significantly higher than any other country’s.
Economist estimated that about 27 million college students would graduate between 2006 and 2010, an annual increase of at least 700,000. However, the China labor market is hardly prepared to absorb this ever-increasing amount of college graduates it produces. The imbalance of the labor market would certainly lead a lower wage rate for new graduates.
According to a research report issued by Beijing University in December 2005, the average starting monthly salary of junior college students was 1,333 yuan (about 170 US dollars), and college students earned 1,549 yuan (200 US dollars).
A recent survey showed that many Chinese college students were hoping to earn a monthly salary between 2,000 yuan and 3,000 yuan (250 – 375 US dollars) after graduation. This expectation, regrettably, is still too high to reach in the current job market.
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