© Reuters. Job seekers at a post-Lunar New Year job fair in Beijing, China, February 23, 2024. REUTERS/Ellen Zhang/File photo
By Ellen Zhang, Liangping Gao and Ryan Woo
BEIJING (Reuters) – The Chinese human resources minister emphasized that the country continues to grapple with structural employment issues, with a sustained overall pressure on job availability despite some positive developments. The economy, as it faces a surge in college graduates in 2024, is still navigating challenges in the job market.
While there has been a promising start to the year in sectors such as artificial intelligence and big data, Minister Wang Xiaoping highlighted the need for policy support to enhance youth employment and aid small private enterprises, during a news conference at the yearly parliament meeting in Beijing.
China is expected to witness around 11.79 million new college graduates this year, as projected by the education ministry. The government aims for economic growth of approximately 5% in 2024, following a 5.2% GDP growth last year.
Despite these figures, the challenges in the job market, particularly for young people, persist. Stats showed that more than one in five Chinese individuals aged 16 to 24 were jobless in June 2023. After a pause in data reporting, youth unemployment was recorded at 14.9% in December.
‘ENCOURAGE FACTORY EMPLOYMENT’
With the increasing number of college graduates and limited white-collar opportunities in a post-pandemic weak economy, the government faces pressure to create sufficient employment opportunities. Focusing on vocational and technical roles, China is pushing for talent development in its advanced manufacturing sector amid global tech restrictions.
However, the challenge remains in cultivating skilled talent for the industry. Minister Wang stressed the importance of encouraging young individuals to acquire technical skills and consider working in factories to bridge the skill gap.
The target for China in 2024 is to generate over 12 million new urban jobs while maintaining a survey-based urban unemployment rate of approximately 5.5%. Data from the previous year indicated the addition of 12.44 million urban jobs, with an average urban unemployment rate of 5.2%.
(Correction: Youth unemployment rate in paragraph 7 has been updated)
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