BEIJING (Reuters) – China’s job market remains tough, and it is becoming especially hard for college graduates to find jobs, vice Human Resources minister Yu Jiadong said on Thursday.
China’s cabinet on Wednesday unveiled plans to boost employment, including supporting financial institutions to offer loans to small firms and issuing subsidies to firms that hire college graduates or unemployed young people.
“Employment is steady, but under pressure and the employment pressure for college graduates remains very big,” Yu told a news conference.
The government will strive to achieve its job creation target this year, Yu said, while noting the uncertainty hanging over the global economic outlook.
The government aims to create around 12 million urban jobs in 2023, up from last year’s target of at least 11 million.
A record 11.58 million college graduates will hit the job market this year, with the economy still feeling the impact from COVID-19 curbs that were removed in late 2022 and a crackdown on tech and education sectors.
China’s survey-based jobless rate was 5.3% in March, but for 16-24 years old it was 19.6%, near a record high, official data showed.
Queues stretching hundreds of metres around temples have become a common sight in Chinese cities at weekends, as despondent young worshippers pray to find jobs.
(Reporting by Beijing newsroom and Kevin Yao; Editing by Simon Cameron-Moore)
