Tag: Unemployment

China’s Youth Unemployment Crisis: 1 in 5 Are Out of Work

Media Library

Shu Xiang, 21, started looking for a job in February and still has had no luck. A financial management major at a college in Chengdu, China, Ms. Shu said she has received five responses to about 100 applications. Graduation is in a few weeks. “I’m not so confident about finding a job,” she said. The only thing that makes her feel less anxious, she said, is knowing she’s not alone — most of her classmates were facing similar problems. Ms. Shu is one of nearly 12 million Chinese expected to…

China’s Youths, Stung by Years of Covid Rules, Fear Grim Job Future

Chin@Strategy

Mandy Liu, a 21-year-old university student in Beijing, believes that anyone who has lived in China during the pandemic can see that the country’s future is looking increasingly uncertain. Covid restrictions were stifling, and employment opportunities were grim. She is set to graduate next year with a degree in tourism management and has submitted more than 80 applications for jobs. She has not received a single offer. Many young people had followed what the Chinese Communist Party told them to do, only to be left disillusioned, Ms. Liu said. “What…

As Beijing Takes Control, Chinese Tech Companies Lose Jobs and Hope

Chin@Strategy

The video platform that laid off Mr. Zhao, iQiyi, had an abysmal quarter, losing about $268 million. Its share prices fell by 85 percent from its high in 2021, reflecting investors’ concerns that the company, once aspiring to be China’s Netflix, will be short of shows that can attract more subscribers and advertisers. “The biggest problem for our industry is severe shortage of content supply,” iQiyi’s chief executive, Gong Yu, told analysts in November. He blamed, in part, censors’ slow approval. IQiyi did not respond to requests for comment. (Mr.…