Chinese graduates are now questioning whether or not the amount they paid for four years of college education is worth it, considering the difficulty they now face in getting employed.
This year, over 7 million fresh graduates will be filling in the unemployment line as the situation proves that having a college degree does not necessarily guarantee a better future.
In fact, according to Bloomberg, many Chinese companies prefer skilled workers than degree-holders as the country faces one of the slowest years in the history of its economy.
Skills Training
The Bloomberg report revealed that Chinese degree holders are now signing up for vocational courses and skills training in order to get hold of a job in the country.
One of them is Zhang Jinghan, a 22-year-old medical college student who opted for skills training on everything there is to learn about air conditioning technology.
According to Zhang, she decided to study at night and work at a medical manufacturer as a quality control specialist because she now wants to pursue a career with Chinese appliance maker Hisense Electric Co.
She told Bloomberg that she is more than willing to study again and work hard in order to have a better future with the company, which doubled her annual salary to as much as 96,000 yuan ($14,400).
This, says Natixis SA senior economist Iris Pang, is proof that the country's economy is far from being better, and that in turn, emergence of job vacancies is slower.
"The slowing economy means that the growth of job vacancies will also be slower, and vacancies may not be enough to absorb all the graduates," Pang explained.
Meanwhile, Wo Ying Technology Co. Chief Executive Officer Qie Xiaoye explained that aside from the lack of job vacancies, graduates nowadays have a tendency to be picky in their careers.
"In the past, when a young graduate couldn't find a job, he probably didn't mind working at a textile mill," Qie told Bloomberg. "Now young people simply can't accept that. They want better jobs and higher pay, and they want to do something they like."
Employment Statistics
But while many are complaining about the instability of jobs, a survey cited by Chinese media in June claims that the employment rate for newly graduated students is still stable.
According to the poll which reportedly interviewed 250,000 graduates, the country sees a 91.7 percent employment rate in 2015.
The report said that such number is higher than 2014's 92.1 percent and is comprised of workers employed in private companies (59 percent).
Others reported having owning a business, with self-employment records covering 3 percent of the total number of graduates surveyed in 2015.