BEIJING : Jenny Bai was among 10 high-performing computer science students from different Chinese universities selected by a Beijing-based internet firm for a job upon graduation, following four rounds of arduous interviews.
China's COVID restrictions have battered an economy already slowing due to a property market downturn, geopolitical worries and regulatory crackdowns on tech, education, and other sectors. Some regional governments have offered cheap loans to graduates looking to launch their own businesses. State-backed firms are expected to pick up some of the slack in private sector entry-level jobs.
Expected salaries are also 6.2 per cent lower, according to Zhilian Zhaopin, another recruitment firm. Private education, another sector which drew regulatory scrutiny, parted with tens of thousands of workers as well. The largest firm in the industry, New Oriental, has announced 60,000 layoffs.
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