Hiring declined as China’s growth slowed to 0.4% in the second quarter due to the COVID-19 lockdown.
Hiring declined as China’s growth slowed to 0.4% in the second quarter due to the COVID-19 lockdown.
Even a few years ago, Byron Liu, a graduate of Beijing’s elite Tsinghua University, the country’s president’s alma mater, would have been a prized catch in the competitive job market.
Mr. Liu, instead, is among the 10.76 million graduating Chinese this year, facing the worst job market in decades, because China’s economy deals with many pressures from slow growthA crackdown on the technology sector, and gloomy sentiment due to the continued “zero-covid” strategy.
In July, the youth unemployment rate for the 16-24 age group rose to 19.9% as many graduates entered the job market over the summer, after the National Bureau of Statistics (NBS) began publishing monthly data. The highest figure from . 2018. And in June, payments under the National Unemployment Insurance Program hit a record, according to Reuters information, up 256% from the previous year to $5.42 billion. This was the highest since the figures were published in 2013.
Hiring declined as China’s growth slowed to 0.4% in the second quarter due to the COVID-19 lockdown. in interview with Hindu, three businesses in the services sector in Beijing pointed to uncertainties caused by “zero COVID” measures as a major factor in freezing and even layoffs. “Lockdowns can happen at any time, and this year we closed for several weeks because of only one case in the neighborhood,” said a manager. “It is impossible to plan for the future”.
There are no signs of China’s “zero COVID” exit until at least once a five-year party congress is scheduled for October, when President Xi Jinping begins a third term as party general secretary.
Officials acknowledged the problem of youth unemployment in a press conference on Thursday, highlighting the employment record of the past decade. “Youth employment, including the well-being of college graduates, concerns the country’s future,” said Zhang Ying, director of the Department of Employment Promotion of the Ministry of Human Resources and Social Security.
Over the past decade, the government has achieved the goal of creating one crore jobs annually, while maintaining a steady employment rate, Ms. Zhang said. “At the same time,” she admitted, “we face pressure, especially this year because of the pandemic, with positions down and hiring events cancelled. New difficulties are occurring.”
Ms Zhang also warned employers against discriminating against job seekers who had previously tested positive for COVID-19, reflecting the continuing stigma in China amid the “zero COVID” emphasis that remains firmly in place. Is. Health resources are currently still focused on mass testing – Beijing requires every resident to be tested once every three days – rather than a vaccination booster campaign, which has yet to receive booster shots in large numbers. Will be the first step towards opening up with the elderly population. ,