She is one of 11 million new graduates desperate for work in a bleak job market as anti-virus controls force factories, restaurants and other employers to close. The survivors are cutting jobs and wages.
China’s job drought echoes the struggles of young people worldwide to find work in depressed economies but is especially sensitive politically in a year when President Xi Jinping is expected to try to extend his time in power. The economy shrank in the three months ending in June from with the previous quarter as factory activity and consumer spending plunged. The ruling party has stopped talking about being able to hit this year’s official 5.5% growth target.Article content
In April, she quit a job at a financial company when she realized it was promoting virtual currencies, which is “actually not legal in our country.”Two out of five graduates surveyed want to work for state-owned enterprises that are viewed as safer and supported by the government, said Xing.
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