Graduating students wearing face masks attend a commencement ceremony at Chongqing University of Posts and Telecommunications in Chongqing, China, on June 22, 2022.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-19 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.
China's Ministry of Human Resources and Social Security and the Ministry of Education did not respond to requests for comment. Job cuts varied between China's roughly 10 biggest tech companies varied but averaged at about 10 per cent, according to a report published in April by Shanghai-based Talent Assessment and Management Consulting group NormStar.In April, a nine-month freeze on online gaming licenses over violent content and other issues was lifted, during which time 14,000 firms in the industry shut.
Jason Wang, a Beijing-based headhunter who has worked mostly with tech companies in recent years, is now recruiting mainly for state-backed telecommunication firms.In China, being jobless for some time after graduation is typically frowned upon by employers. Many families see it as a humiliation rather than bad luck with the economy.
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