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China jobs
EconomyEconomic Indicators

China’s college graduates to hit record high 11.79 million in 2024, adding to job market pressure

  • Number of college graduates in China is expected to reach 11.79 million next year amid high unemployment within the 16-24 age group
  • Analysts say Beijing should seek to revitalise the services sector to boost jobs, while China’s education ministry has introduced 26 measures to boost employment

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The jobless rate for the 16 to 24 age group in China has remained at elevated level, hitting a record high of 21.3 per cent in June. Photo: Shutterstock
Mia Nulimaimaiti

China’s job market is set to face a renewed challenge next year, with a record number of college students about to graduate, prompting analysts to urge Beijing to increase efforts in restoring confidence in the private sector.

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The number of college graduates is expected to reach 11.79 million next year, the Ministry of Education said on Tuesday, up by 210,000 from this year.

Beijing has been under pressure to create enough jobs amid an uneven post-Covid recovery, which has been dragged down by the protracted slump in the property market and a weak private sector.

China’s college graduates exceeded 10 million for the first time in 2022.

The jobless rate for the 16 to 24 age group has remained at elevated level, hitting a record high of 21.3 per cent in June before Beijing suspended the release of the data, citing the need to further improve and optimise the survey.
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“Companies will inevitably scale back their hiring needs, to reduce employment costs under the current economic uncertainties, especially the young inexperienced college graduates,” said Mao Yufei, an associate researcher with the China Institute for Employment Research.

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