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China pays high salaries for students who choose to return to their hometown to work

The local move, announced on June 5, comes amid record highs in youth unemployment across the country and recent bachelor’s degrees.

This makes the already precarious economy of the country with billions of people more and more stressed.

Follow SCMP, millions of young people face a crisis of underemployment. The Chinese government has also ordered provinces to boost economic growth and keep the unemployment rate below 5.5% this year.

To that end, Yunnan province will provide a subsidy of 50,000 yuan (7,500 USD) annually for those who choose to work in the countryside in the fields of education, medicine, agriculture and poverty alleviation.

That's good in China 1

This year’s graduation rate is at a record high, but the number of jobs is too small. Image: Yiu Yu Hoi/d3sign.

Severe underemployment

That’s no small amount in a place where most workers earn less than 10,000 yuan a month, especially in rural areas.

It is not clear how much the initiative will cost or if it will be able to fill vacancies, however, it is believed to be in line with the requirements set forth by the government.

According to a survey of the authorities, the urban unemployment rate rose to 6.1% in April – the worst level in the last 2 years and the 2nd highest since 2018. 16 to 24 year olds also hit a record high of 18.2%.

Many demographers and experts say the situation will be more dire as 10.76 million college graduates will enter the workforce this year.

In addition to Yunnan, Liaoning province is also offering six-month free vocational training classes for students and unemployed people who have not been able to find a job within the past three years.

Henan Province uses digital platforms to accelerate job search and simplify the recruitment process. Meanwhile, 3rd-party recruiters are rewarded with 300 yuan for each position they bring.

Some universities across China even offer grants to students who want to start a business.

Strongly attract talent

However, as long as strict restrictions and pandemic-related uncertainty remain in place, including arbitrary nationwide shutdowns, analysts say it will be difficult to improve unemployment.

“The various bailout policies of the government must be carefully implemented and efforts to boost the economy. If the fundamentals don’t improve, there won’t be an overhaul in the employment issue,” said Peng Peng, executive chairman of the Guangdong Reform Association, a think tank affiliated with the provincial government. identify.

A report by Moody’s Analytics last week indicated that a weaker economic growth trajectory into 2022 would exacerbate unemployment.

Some analysts predict the underemployment rate this year will be 4.2%, about the same as in 2020, when the pandemic first broke out. In 2018, 2019 these numbers were 3.8% and 3.6% respectively.

Chinese people increasingly aim to find stable jobs, and there is even a tendency for graduates from prestigious schools to apply for secure civil service positions in rural towns.

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Companies and localities are constantly rolling out policies to attract resources. Image: China Daily.

Many also choose to ignore the “inferior” private and foreign companies, despite their attractive salaries.

Under a talent attraction scheme from a relatively small county of about 200,000 people in Zhejiang province, it will recruit 24 fresh graduates this year amid stiff competition. Of these, 23 have graduate degrees and 4 have doctoral degrees.

In a remote district of about 350,000 people in Guangdong province, more than 700 applicants from China’s top universities and international students applied for jobs.

According to Tommy Wu, lead economist at Oxford Economics, the new measure in Yunnan and other provinces will encourage companies to find ways to attract talented people.

“China needs to restart its crippled economy after the last few months to create conditions for the labor market to regain energy. While providing support for taxes, fiscal and monetary policy to keep businesses afloat, the economy also has to turn around for them to start hiring,” Wu said.

According to Zing

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