As youth unemployment in China reaches record highs, graduates are pivoting towards vocational training to bolster their prospects in an oversaturated job market. This trend underscores a stark disparity between the Chinese education landscape and the demands of today's workforce.
As financially strapped companies downsize, recent graduates are finding themselves in a tough spot, as employers prioritize experienced candidates who can offer immediate solutions. Analysts argue that the emphasis on academic credentials over practical expertise is outdated, urging a revamp of the education system to better match the demands of the job market and enhance graduates' competitiveness.
Wang Dan, chief economist at Hang Seng Bank China, highlights the disconnect between undergraduate education and market needs, noting that fresh graduates, lacking experience, face stiff competition against seasoned candidates who have been laid off. In June 2023, China witnessed a record-high youth unemployment rate of 21.3%, which later decreased to 14.9% by December. Despite the improvement, this rate remains about three times higher than the overall unemployment rate in the country (5.1%), underscoring the challenges confronting young individuals.
With a record-breaking 11.79 million college students expected to graduate in 2024, the job market is poised to become even more saturated. Interestingly, the surge in enrollment in vocational training schools signals a shift towards valuing practical skills over mere academic qualifications, suggesting a changing narrative of success in Chinese society.
