BEIJING (Reuters) – China’s thousands of state-owned enterprises, local governments, and public institutions are expanding hiring as a record number of students graduate into a job market left reeling by the COVID-19 pandemic. Around 8.7 million Chinese students are graduating this year, almost half a million more than last year, heading into an uncertain future as private firms rein in recruitment. Job stability for the young is a longstanding political concern in China. President Xi Jinping, who has previously warned that struggling graduates could “turn into negative energy,” is urging more hiring. Graduates, who generally enter the workforce in June or July, face a “severe” situation, officials have said. Available positions for them in the recent pre-graduation spring recruiting season fell by 22% on year, according to BOSS Zhipin Research. While China’s GDP bounced back into growth in the second quarter, surveyed unemployment of graduates aged 20-24 was more than three times the rate for the broader population, rising to 19.3% in June, 2.1 percentage points higher than May. State-owned enterprises, local governments, and public institutions, known collectively as “the system”, are responding to Xi’s call. Oil giant Sinopec Corp is more than doubling its 2020 recruitment numbers, with an additional… Read full this story
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