Secure Jobs, Uncertain Future: China’s Growing Appetite for Government Employment
cross-posted from: feddit.org/post/1751744
The appeal of public sector employment in China has reached its highest level in recent decades. The proportion of new graduates preferring state-owned enterprises, government agencies, or public institutions has surged by 22 percentage points, from 51 percent in 2019 to 73 percent in 2024. Conversely, interest in foreign-funded firms and private enterprises has plummeted by a similar margin, from 46 percent to 26 percent.
This shift […] reflects profound economic and social changes in China. The COVID-19 pandemic has severely impacted service industries, traditionally major employers of young people. Coupled with increasing regulatory burdens, especially in high-tech industries, these factors—against the background of economic downturn—have contributed to a record-high youth unemployment rate, which peaked at over 21 percent in 2023.
In January 2024, the government released revised youth employment data, excluding students, which showed a decrease to 14.9 percent for December 2023. Even with this revised figure, the youth unemployment rate remains alarmingly high—approximately three times the overall unemployment rate in China (5.1 percent).
