Why Many of China’s College Grads Are Becoming ‘Full-Time Children’ | WSJ
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- čas přidán 3. 06. 2024
- A record number of Chinese college students will graduate this summer, but landing their dream job may be a long shot as there aren’t enough high-skill, high-wage occupations. More than one in five young people are out of work with many in China becoming “full-time children,” spending all their time at home doing chores for their parents.
WSJ takes a look at why China’s youth unemployment continues to hit record highs.
0:00 ‘Full-time children’
0:46 China’s youth
2:43 Job expectations
3:22 Repercussions
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As a millennial who graduated college right around the 2008 Great Recession, this is how we felt when we realized the workforce no longer needed us.
The situation in China is very different from the 2008 recession.
躺平！
The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world. This is still a good time to invest in gold, silver and digital currencies (BTC, ETH.... stock,silver and gold)
That’s really interesting! I’ve been thinking about investing in digital currencies lately but wondering how to do it. Do anyone have any thought on that?
As a newbie you’ll need to invest in a company that is working towards sustainability, like that of expert Jennifer Fan and her abilities in handling investments are top notch
Not surprising and it's also why the birth rate in many countries is dropping. At some point, you can't keep pushing people to work harder, harder, harder if there's no payoff in the end.
It's a sad situation that now there's too many men not enough women but their government created the problem themselves.
natural trend around the word tbh. No one can escape that 😬
The world is overpopulated from a perspective of an individual.
Birth rate should fall
Ding ding ding!! 🎯
Stop Loitering and Get Back to Work!!! (*Whip*Crack)
And these young college grads won't be able to afford children if they can't find work. This is happening all over the world.
Bit context here: blue collar in China commonly means: intense work hours(12 hours minimum). Income is okay, but largely coming for mandatory overtime. Weak labor protections, both physically and legally.
Yeah, and I'm sure they have the same feelings our graduates feel when they can't get a job beyond one that just requires a HS degree - underemployed. They can work blue collar, so then why did they go to college for? I'm sure they feel mislead and abandoned by their country.
@@tyler_7977
Chinese universities are very cheap. The tuition and accommodation fee is 700-1000 usd a year, and the living expenses of 2,000 usd a year are completely enough. As long as you apply, you can get an interest-free loan. You can apply for a scholarship according to your family‘s financial situation, and you can apply for a scholarship according to your study.
It’s always good to get a degree. Even if there is nothing, it‘s not heavily in debt.
Income is pretty good now because they could find any young blue collars…
@@ims3312 yea maybe cheap to us Americans, but the average Chinese income is $4200, so the ratio of tuition to income is relatively similar.
@@tyler_7977
ST JOHN 3:16! ❤️
LOVE JESUS BACK!
As you work till the right thing opens! JESUS loves His people!
"Delight thyself also in the LORD; and He shall give thee the desires of thine heart." Psalm 37:4!
We serve THE GOD OF HOPE!
HALLELUJAH! ❤️✝️❤️
.. ' Study hard work hard and you will be successful' is a BIG FAT LIE
you are right
It depends on what you study.
@@markstrickland8736 it depends mostly on your IQ and skillset.
You do have to work hard. It's not over yet, get back to it, life isnt easy.
"study hard work hard and your boss will be successful" is the TRUTH
Im almost 27 born in the U.S. and despite working a full-time blue collar job, I still live at home with my parents even if I can afford to move out. Wages dont match rising fuel costs plus inflation and increased taxation with decreased representation then greedy landlords make the prospect of surviving even more needlessly arduous.
I'm also 27 and living at home in South Africa. I decided to focus my energy to fixing my mother's house (she is late) instead of moving out. But this side, living home with your parents until you get married (often the primary reason) is common and part of the culture.
The US is one of the few countries where this is objectively not true. You have some of the lowest fuel costs of advanced economies with the highest real wages, even as a median.
Where do you live and what is your job that you have it so rough?
@@baratoplata7050Yeah but no. Wages can be high in the US, but there can be multiple issues in some industries as well as issues like poor labour protections as well as stuff such as wage theft. Middle and lower income wage earners are usually hit the hardest with this. Some jobs face increasing pressures from globalisation, outsourcing, automation, AI, or just companies simply trying to turn a profitable quarter by firing a bunch of people and simply going on a hiring spree.
Fuel costs go up and down, that's not a thing specific to the US really, it depends on the global market, or rather, the 'oil mafia'. The sooner we reduce our reliance on those vultures, the better.
@@ruekurei88 But it's all objective, fuel costs in the US are the lowest in the advanced economies. Median wages are some of the highest.
This is basically what happens to most people in the world since we are treated as nothing but workers who are born to just work. From a child to an adult, you are told life is about school to get a good job to build a company & help make others live a good life
Why do you think drug & alcohol use is so high all over the world? People are tired of being labor for the rich without time to enjoy their own lives EXCEPT for two days out the week IF you are lucky
this is how it does, all right？
animals kill to eat to live.
People exchange what they have.
even plants breath in carbon dioxide and breath out oxygen for exchange.
fair, healthy (mental and physical) working environment and human rights are what we can do better..
If you have money or not, it will not matter after your death anyways. Find the meaning of your life and you will always be content with what you have. Should you fail to do so, no amount of money will ever be enough for you to make you feel happy
*PREACHING THE GOSPEL!*
@lancelotf.x3619 this is such cope lol, other animals and plants don’t devise artificial systems to ease the burden of exchange on themselves and others… there is absolutely no reason for the 9 to 5 to exist in its current form for most white-collar workers, or for those same people to commute to an in-person workplace 5 days out of the week. One would hope that after covid, this illusion was shattered… most of these jobs are entirely superfluous
I find her framing of "choosing" to live at home funny. If the opportunity to make a living doesn't exist, it's not a choice anymore. And don't even start with the "get a job as in retail or service industry " etc... you cannot make a living with that in China, let alone America lol.
I am a gradurate from the 80's and I often wonder if 'go to university to achieve a better life' is actually code for 'we don't want you in the unemployment figures just yet'
so true
Exactly! That's why they push useless advanced degrees so much, too.
Yes. This is what obama did tbh
It is for about 50-70% of the people depending upon country and state of economy
Uh, that would work for about 4 years....
Here is what I heard from a Chinese friend, he live in a small city in china.
He said it’s probably the best to stay in a small city due to low living cost, you can survive longer with whatever you have and try not to go to major city searching for jobs or start a business right now. Almost everything that makes money now will make you lose way more than just simply stay at home.
At least the small city in China is still affordable. I live in a small town in NA and the cost of living is no different than a major city other than housing.
It may be best to be a hunter gatherer, living somewhere out in the forest where no one can find you.
I am from Germany and I agree with your comment.
It's not just in China, this has been a situation that has been prevalent for years. I graduated college in 2008, and went from an optimistic, strong economy where a college degree guaranteed a good job in the first semester of my senior year to a pesimistic, weak economy where everyone was firing and no one was hiring in the second semester.
I've never fully recovered from this. For some of my classmates, it was a mere speedbump, but for others, such as myself, it was permanent and catastrophic engine failure.
I guarantee you that in China, it's the same as it was here. Some people will do fine and succeed easily, while other will fail time and time again until they give up.
Even adding to that is most of the young job-hunting generation today are 90s/early 00s kids, which means they're highly likely to be an only child due the the previous one child policy in China. Meaning they CAN pretty much live off their parents savings, as long as their parents had/has a normal income job, it's more than enough to keep one idle child alive in China. During our parents generation, hard work actually led somewhere, they could afford a house and family, also their families probably weren't well off which added pressure to work. Nowadays, younger generation see no reason to- hard work just means being exploited by your company, with no raise in sight, and you'll never be earning enough to afford a house, so why try?
Everywhere in the world, we are going through a recession run, US has hundreds of thousands of layoffs, unemployment is higher in most countries
You Just wait until the robots arrive, then no one will have a job, and if no one has a job, how is anyone going to be able to buy anything? Universal Basic Income? The we will all have to become artists and writers etc. or professional drugies.
For the rich in China, full time children is not a problem, they can keep their children longer
Ah, “Kids these days…” Older people always say younger generations are a bunch of losers who have it too easy. Always have, always will.
Look up 'The 2,500-Year-Old History of Adults Blaming the Younger Generation'
It's real excerpts and quotes from adults talking about each new generation throughout the past 2,500 years. For example: Yoshida Kenkō (circa 1330)-
“Modern fashions seem to keep on growing more and more debased … The ordinary spoken language has also steadily coarsened. People used to say ‘raise the carriage shafts’ or ‘trim the lamp wick,’ but people today say ‘raise it’ or ‘trim it.’ When they should say, ‘Let the men of the palace staff stand forth!’ they say, ‘Torches! Let’s have some light!’”
I am an early baby boomer, and I think kids are doing it tough with there stupid mobile phones computers and overpriced four wheel drives, they apparently have more money than sense.
While boomers then work as factory labour and can afford house in just few years 😂😂
While youngster nowadays can't even pay montly apartment rent
@sandponics I agree. I'm 33.
This is what happens when you are lied to that getting a degree will secure you a better future...what the govt need to tell kids is get a degree in a field where there will be a labour shortage in the economy like nursing, teaching, engineering including trades like construction, weilding etc
The Chinese government tells them what degree to get.
You think Chinese parents would let their children graduate from a field that doesn't have great economic prospect? LOL!
@@bngr_bngr then why the labour shortages
There is no shortage of nurses, teachers, construction workers and engineers in China. Don’t replace them with your environment. Don‘t forget that there are nearly 1.4 billion people in China, and there is no decently paid job that no one does. The fundamental problem is the shrinking of exports and insufficient consumption.
Government is not forcing you to choose a field.
Same is happening in Pakistan. Though I am a medical student. So i will talk medical. Private medical colleges are popping up like mushrooms and medical grads are being pumped out at an accelerated pace. Quantity over quality. And the cherry on top of it, the govt have no money to pay the young docs to work in the hospitals..so no seats. You can guess the rest of it.
Might want to consider doing residency elsewhere
Ah this makes sense, why there's almost Pakistani recruitment/ intermediate companies for Doctors to the NHS....I just thought it seemed dodgy as most international doctors arrive on their own.
@@ProcrastinatingPoet😂😂😂 spot on
The difference is that country never had economic boom, has always been in recession.
@@notslav6053 Thinking about that. I have plans for Australia.
The problem is not just scarcity of job for these graduates, China higher education system plays an important role in the creation of this mess, the China's gov for decades has pushed the policy to increase the number of students and graduates in its higher education system, focusing on quantity over quality, new universities came up and the capacity of the older ones grew, they became degree producing factories, most of those graduates are nothing but degree holders without enough skill or expertise, and many companies are reluctant to hire them.
College is quality enough. You forget that some of the smarter graduates are probably looking for work outside of china
Did u go downtown Manhattan to see how many Chinese work there
The problem IS the scarcity. Watch the video. They have a bunch of manufacturing and low paying entry level jobs but not high paying tech jobs that many hoped to land
True. I lived in China. Virtually 100% of Chinese college freshman end up graduating.
How many of them got their degrees in a Chinese university?@@newyorkcity76
This is exactly what happened in Japan at the end of their “bubble economy” in the 1980s. When I lived in Japan (2000-2004) I was astonished to find that most unmarried Japanese adults were still living at home with their parents.
It is very common in various cultures and countries all over the world. Though in this case the economy plays a big role.
That could have been a cultural thing. In many cultures, especially Asian cultures, it's common for kids to live at home until they get married. Leaving home is only done when they get married or achieve some other milestone in life. Not as much today though, many kids in Japan leave home around 18 to live in a tiny apartment that can barely be called a studio.
To be fair, that’s most of Asia
Thats a cultural thing. Us asians are family oriented and have obligations to care for parents for life so if we’re not married or moving to the city for work, it’s unnecessary to move out.
Whats so shocking?! That they are not living in the streets??
I graduated straight into the GFC of 2008/09 here, very difficult to get work and caused a large strain on my girlfriend and I. Moving cities helped the job prospects, and I have since changed industry too, long term stable employment is easy to find now, but I feel for China's youth - getting the experience was tough.
What is GFC?! Please define your terms. Write to be taken seriously!
learn the acronym of the biggest financial calamity since the Great Depression to be taken seriously
What is GFC?
@@vintagejaki751
GLOBAL FINANCIAL CRISIS
GFC win
We used to have "polytechnics" and there is nothing wrong with a diploma. Polytechnic courses used to be a 1-2 years and new courses come and go to suit the new skills needed in the job market. The tuition cost was a fraction. Many young people used to go to these evening classes after their day jobs. Somehow hubris government around the world decide "polytechnics" doesn't sound professional enough, not scientific/theoretical enough, I doubt we need degree level for any subject.
We used to have workers, but soon there will only be robots. The few remaining humans will be kept in a zoo for the entertainment of the robots.
I think the world is just becoming disillusioned with the idea that we have to work our entire lives with no break just to barely be able to sustain ourselves
yep. not worth it.
In the future one a lucky few will have jobs. The rest of us will be peasants with nothing to do, as the robots will do all of the work. In the land of idiots the thinking man is king.
On the other hand, people are excited about getting into universities. Somehow stepping into uni are their biggest goal in their lives. Unemployment right after graduation are possibly waiting for them in current environment.
actually not having a degree could be the reason employers refusing your raise. So i say free tertiery education and up to the youths to choose blue or white collar whatever its gonna be.
A friend of mine is a talented software developer from Russia who's been coding since he's turned 10. He won programming competitions, lead competitive programming club, and graduated from a gifted-and-talented high school. He moved to Canada a while ago and he reached C1-level proficiency in English. He was recognized as an expert in Rust programming language. He was one of the founding Software Engineers at Moonton and was one of the first 30 developers of Mobile Legends.
He was denied a full time position at Huawei because he doesn't have a Bachelor's degree. (He still had both knowledge and experience for the job and his interviewer actually requested his help a while ago).
This tells something about the business.
I just graduated college recently and have been looking for a job with no luck (I live in the us) my dad sent me this article and after months of no luck has decided to give me a salary and be a “full time child” it’s helped me mental health a lot and also my parents who are older
That's a good way to start getting back on track - do well what's in front of you. Clean and organize house duties, help other seniors, improve your skills of getting things done, exercise and cook. Hopefully someone will get the word out and you'll find a place in society where you're valuable.
God bless you. Wish you success and happiness.
You are privileged
@@CG-ud6my I am and so thankful, I have since found a full time job
@@user-kg5lq6nd7q Lucky! I’ve been basically unemployed for over a year now. I’ve been doing UberEats and online selling just to stay afloat, but no store wants to hire me, even for part-time. I’m an introvert btw.
American millennials from 2008 to Chinese graduates today: welcome to our world
yup i see this as a natural trend of becoming more developed 🤣
This is so much worse than 2008 as Chinese communist government is the Lemon Brother in this case.
hhh, how are you feeling now?
This is me as a Gen Z Indian graduate
*Japanese Lost Generation has joined the chat*
I'm Gen X, and I have felt like this since I graduate high school in 1998. I did everything I was supposed to do, joined the military, did my time, got a couple of degrees, loads of student debt, and yet I can't get a job that pays me my worth. SMH its sad to say the least. But then I see those who did not go my route getting better jobs and promotions. Had I know if I was lazy and did try that I would have had it easier I wouldn't have bothered to work so hard. Now I'm dejected, tried, hopeless, and tired of trying so hard while others have it so easy with no effort. F**k this world and this BS.
Amazing, you managed to go out of your way to get multiple useless degrees even though your first degree was paid for by your G.I. bill…
What degree of study did you get?
- Hey Man - your journey seems just like mine 🤜🏽🤛🏽
Best thing I could say right now is, don't be afraid to take some time out, time away, just to be yourself and think. Surround yourself with things you like and just take that pressure off. Living isn't always about being first, all the time.
Not everybody can be Homer Simpson
@@calvin659i believe the GI bill started after 9/11. This person went to college before that. Idk if the VA paid for college before 2001.
Very sad 😔. But good to see family members getting closer and closer like in the old days.
The next thing you know they will be sleeping six to a bed.
An ancient education system still being used is the main cause of the problem. These kids don't need a lot information, all they need is an environment to develop their 21st century competencies and decent amount of knowledge. Not surprised.
And social skills. Gen Z is so weak in social competence.
A lot of these students went to university for the promise of a good career and livelihood. There's a saying that when there's a gold rush, profit goes to those who sell shovels
well said, this is exactly what is going on right now in China. Higher education for most students nowadays is not for academic research but an investment and a business game.
How insulting it is that they’re labeling them “Full Time Children”. They’ve graduated college and now the working market is dead and can’t get a worthwhile job. Older generations caused this and are now unhappy with the youth because they’ve realized they’re being screwed over.
In the US, grads work at Walmart.
You need a Masters Degree to work Entry Level, or graduate from Ivy League like Harvard.
@@sikderqais6151Don't forget 3 references
And the years of experience @@lilygirllisa
Only until the robots arrive,
Almost same here in india after covid hiring is reduced very much
Global economy is slowing down but in terms of production, not service sector. In Europe we have so many shortages in healthcare, social services, retail, traffic, schools, IT specialists...
it's so sad i relate. i graduated as a programmer last year and now the era is so super saturated, every job i compete with at least 1k people. I'm ready to give up my degree just one year later cause doing courses, working on a portfolio, having a degree and experience isn't helping. my parents keep demanding me to start a different college cause the area is sucking so badly and idk if i have the mental state for that
This is all over the world :'(, lots of people coming in and job openings for interns and juniors are full.
Imbalances is hurting society
It means millions of families have wealth to pass down due to one-child policy. Four grandparents and two parents have 6 income/pension to spare and possibly 3 real estates.
That wealth is created after a lifetime of work and meant for their individual retirement, which is expensive. Stop mooching
That doesn’t make sense. These young college grads want jobs but are unable to find them. If they wanted to live off of their parents and grandparents, they wouldn’t be seeking a job and therefore wouldn’t be counted in the unemployment rate.
@@segalliongaming8925their grandparents and parents will die eventually. Housing market has crashed since 2021, both dominance housing developers filed for bankruptcy. The CCP also shuts down all private tutoring industry. These 2 industries used to employ young graduates.
That’s assuming everyone owns valuable properties. Plenty of people worked hard to send their children to good schools so they can go to college but it doesn’t mean they themselves have much to show for it.
Not sure about this, but I heard you can only own your property for up to 99 years, after which the govt. takes it back?
Degrees have become a commodity, and after the mad rush to produce them, the market does not need them.🙃
Don’t think so, they are needed, China is going through a rough patch.
@@gund89123 Yes, you can, but the reality same applies is "Don’t think so".🙂
@@gearberserker9979most of them lost their meaning too, actual knowledge isn't that respected that much anymore (ability to demonstrate) almost everything is based on credentialism now
@@gund89123 i assure you. a degree in "gender studies" isn't going to get you anywhere in life. that's the case in the us, just as that's the case in china, or anywhere in the world. a lot of schools become diploma mills that pump kids through with useless knowledge. these schools get really rich; while the graduates come out to the real world with nothing but 4 wasted years and a big ego.
@@gund89123they've lost their value most of the material taught doesn't really translate towards work only a bit of the course will actually be useful for the job (depends on the degree). IMO the academic integrity of most of these institutions are horrible, you can have a whole class of students who are suppose to fail but theyre passed because it'll make the uni look bad, and the lecturers "teaching" will be forced to lower the threshold or offer more options because then they'll lose their source of income. Corrupt system
Also, school trains the wrong things and you’re not guaranteed the right kinds of internships to supplement classroom based experiences. We’re producing a bunch of pencil-pushing trivial pursuit players, not producers.
Yeah, but having an understanding of how things work deeper than just the surface-level knowledge that you would get without an education will give you a bigger edge. You can learn to just do X to accomplish Y but it's useful to know why we do X in the first place and not something else.
@@IcyyDicy - But you need to know how things work BEFORE you can understand the theories that tap into wider and deeper applications. You actually can’t understand a textbook without some experience that informs how you structure the textbook narrative in your mind. Experiences are prerequisites. Reading without experiences is just word-matching.
Amendment: You’re talking to a chemist. So… yeah…
this is not the truth.
like I interviewed over 30 candidates graduate from accounting, applying for accounting job.
most of them could not even answer simple question Like list categories of the cost of goods sold in retailer.
all these are in textbooks, most of them just spent the 4 years on examination, after that.. Those people have nothing left in memories.
@@lancelotf.x3619 - The info might be in textbooks, but it takes experience to extract the right priorities from the text. It all starts with experience. Had these candidates done internships, they might have done better. If they did have internships and still failed, then you should question the nature of their internships.
Getting a degree in China doesn’t mean they get a visa to the US to work.
So there are two problems; high unemployment and those who do work are working excessive hours and have no personal life. I wonder what the solution could be?
Hire more workers so that overworked employee could have someone to share their burden and the unemployed ones finally getting a job. But nooo companies only hire one worker to fill up four types of jobs
@aeoligarlic4024 most of the times the work is done by 1 person in the entire team. The others just skate by. Companies pay them equally. Makes it frustrating for the guy who does the work. He burns out but doesn't have any money in savings. So doesn't want to work hard anymore. Vicious cycle.
I suppose you are blaming the baby boomers again, just because they are all workaholics, it is not their fault that their children are lazy. If they worked as hard as their parents did, we could be traveling to the stars by now.
@@sandponics Most jobs are pretty pointless and add nothing to human progress.
@@AchiraDasgupta exactly. People who have the real talent in solving problems are generally lack of social skills, which makes sense since everyone is not perfect. The sick part is that, chinese firms delibrately overlook their contribution to achieve higher "team efficiency" and either threaten them with income cut or firing. It works every single time since they have little social skills.
Welcome to the entire western worlds problems. I have a degree and work in a pizza restaurant right now. Its embarassing and I hope this system collapses.
I had to work in manual jobs after graduating from my university, it’s really tough to go through that but I believe strongly you’ll find a job you want in due time.
Don't blame the "system" for your decision to get a degree that has limited employment value. Personally I think universities should be forced to eliminate worthless degrees that don't lead to secure employment because too many foolish youth waste money and time. Go get retrained and pick something that pays a living wage. Even the military pays more than pizza and you can earn a federal retirement plus free training
Look for an apprenticeship or internship.
Dirty jobs pay well and can't be off showed. You just have to be willing to sweat for your pay.
Whats your degree in? If its something outside of law, medicine or engineering don't expect much
I graduated with my BA in California in the 2010s and found a stable job shortly thereafter but purely by being at the right place at the right time. Luck, basically. I’m glad I have practical work experience because now I can leverage that instead of just a degree
Ok?
Good on you! Want a cookie?
I graduated when there were no jobs. On the bright side, young people can think about opening their own businesses or doing their own creative projects.
Children of high-ranking Chinese🇨🇳 officials don't have to work hard.
- They study abroad and get to the top automatically. Xi Jinping is a prime example.
What does your comment have to do with the whole economy of China? Serious question
I dont think the children of high-ranking US officials are anything different, so should we call that even?
This is not just a problem in China, but worldwide, as many jobs have disappeared due to rapidly advancing technology.
No, it’s not a problem in Australia. We are experiencing a labour shortage. There are migrant workers from all over the world.
Nope. Not as severe as China though. The degree of which this happens matters. The U.S. job market is doing far better than China right now.
@@yangye8260blue colour jobs are in demand everywhere not white colour job depending on your degree
@@yangye8260 Does that apply to highly skilled, educated labor positions in Australia or just manual labor? The US has plenty of "labor shortages," for example, but until recently, that almost exclusively meant low-wage positions like farm produce-picking, nannies, non-union construction, custodians, etc.
@@CMontgomeryBurns09 Australia has similar situation to US except minimum wages in Aussie are much higher. Low skill workers could still afford a decent life.
because for the majority of our life, we were forced to study hard and be who our parents want us to be. naturally, when all our efforts fell short (at least according to the system), we say "f* it!"
What happens when lots of money is tied up in non productive asset (Real Estate)
Exactly
Real estate is a safer investment then products and innovation.
@@Zohirul-Jewelnot in China, their RE market is in a mess
I wish more people in media just stated what you just stated.
@@Zohirul-Jewelthis didn’t age well 😂
Well, this is what happens when making a decent living requires a graduate degree and then the job market for such positions doesn’t accommodate the supply of talent. Countries need to figure this out and prioritize having a steady base of new taxpayers by keeping the living wage reasonable and the educational requirements to earn enough for supporting a family as low as possible.
So far, I can relate with many of China's College Graduates and I'm from UK lol.
This is genius. Getting to stay at home and make money too. No work stress. Genius. 🤝
Whatever. I wasn't working until I was 25. And our family isn't rich, and I am not from China, and this wasn't due to inability to find work. The economists and corporations want us all to start work as early as possible and stop working as late as possible, so that they can milk out all the products of our labor for their benefit. Ignoring that current global economic system is unsustainable anyway. Endless growth is impossible. Especially if 90% of its fruits are appropriated by 1% richest people
There are 2 processes at work here:
(A) In 2012, China promised EVERY 14 year-old a High School education. (Prior to that, about have of Chinese 14 year olds did NOT go to HS, but began working at low paying Jobs.
Thus, in 2016, China had a record number of HS Grads, many of whom wen to College.
Thus, in 2020, China had a record number of College Grads and that record has only been broken in 2023.
(B) The Chinese Communist Party issued a Regulatory Crackdown on private companies, especially those in the Tech Sector (i.e. Tencent & Alibaba).
That is because the CCP cannot stand having a private company rival the Party in terms of influence and so the crackdown.
But the crackdown led to a fall in Jobs -- the very kind of Jobs that China's College Grads are looking for!
When China stopped publishing the Youth Unemployment number, 140 million Chinese objected to that on Social Media. One Chinese said "The People have a right to know."
Thus, it is not surprising that Xi Jinping was criticized by CCP Elders at the recent seaside conference. But will the Elders give Xi permission NOT to crackdown on the very companies China needs to create jobs? No, since they would have to change the very nature of the CCP itself. "A Leopard cannot change its spots".
Neither can a Dragon do so.
What a dump of a government
This is what happens when capitalism is expected of the citizens while oligarchy is granted to the government. Meanwhile, communism is nowhere to be found
@@dawert2667 China might not be as communist as the USSR or North Korea on their face but they are absolutely communist. Just look at all those Muslims they enslaved or the children working in factories
They can go and work in Africa as doctors, teachers and political advisors. It is all part of the Chinese governments plan for world domination, as America and Europe sink beneath the waves.
Thank goodness they have their parents.It’s hard everywhere I’m struggle and I live in the USA 🇺🇸
Crazy to think how many problems we have here at our companies and even social sector because we are missing young people to employ
Young people especially in Chinese society eschew blue collar work. It is looked down upon. You even see this in the west. Everyone wants a full time wfh/hybrid job (can't really blame them) but there's simply not enough of those to go around. We have devalued the worth of blue collar work both reputationally and financially.
With 'blue-collar' trade work, if you have the credentials and experience you can make quite a bit of money. I went to college but also became an electrician. I have a full-time job but do small electrical jobs on the weekends/holidays as regular full-time electricians won't do those small jobs. Not every weekend or holiday, but the money adds up over the year. It also helped when I was unemployed during the 2008-2009 recession.
Imagine going to college just to be a slave worker in a field you aint even study for.
This is same happening in many Countries.
Good for them. They worked extremely hard. Take a break and continue a little later. 😊
They revisit the methodology meaning they'll find ways to change how it's measured and count these ppl working at home as employed
That's what a lack of government transparency usually does to the statistics hahaha
My cousin just graduated from a mediocre university in China, what we call second class universities. There're 30+ kids in the class, only one found a job. What else can they do other than going home?
And that one person probably works for the family business
Impossible. China is a classless communist society. No second class universities or second tier cities or anything like that.
They can either go home and educate others in the village, or they can go overseas and educate the rest of the world.
@@sandponics What's your point?
Weird to see another country going through this
Everyone wants a good job, but unfortunately not everyone can get a good job
Of couse job market is different
Then they shouldn't groom their young people to think that way.
It's a lottery mentality, everyone thinks they will be the one winner, and the kids are destroyed when they find out it was all for nothing.
It’s happening in each and every country of the world. Paper chase is a waste of parents’ resources.
This is happening all around the world. More grads now have no choice but to do deliveries and other jobs due to high turnover rate, harsh working conditions and troubling economy. Some rich ones stay at home and pursue other interests. It's the world economy changing forcing people to look for alternatives.
The world is terribly imbalancedq now. Something sinister is happening.
It's such a tough situation, really hope things improve soon 🙏
The lack of purpose and because someone else is already fulfilling that purpose is redundant. There’s certain limits how many people can do thing similarly or just find a area that needs them.
it shows how rapid development leads to constant chaos to either socially or economically
Rapid development including taking shortcuts, such as within the infrastructure. I've seen it on the 'Laowhy86' piece on the Beijing flood.
Isn‘t it good to be a full-time baby? I also want to be a full-time child.
The same problem everywhere
Note that Chinese unemployment is not really the one with the international standards. When there are jobs, but you don't want them as they are not for your qualifications, this is not traditional unemployment.
There is simply not enough labor supply for so much demand. I totally understand them, reaching the point of working on something that was not related to what I study, and also at a low social level.
This is the only Chinese topic I can relate to. With the ever changing work environment, people are getting nastier and darker. I'd rather stay at home and do house chores all day.
It's heart-wrenching to hear that. Flashback to 14 years ago, right out of college, I was filled with zeal and joined an NGO in Beijing. Six months in, with not a penny to my name, I felt the weight of my dreams clashing with reality. Seeking change, I ventured to West Africa, and that twist led me to further my education in the US. (Big shoutout to Notre Dame for the full ride!) That leap of faith transformed my life. Today, I'm blessed with financial freedom, have had the honor to teach at Arizona State, founded my own company, and I'm pouring my heart into videos to spread financial knowledge and inspire others to truly live. I often wonder, if I hadn't taken that first step away from home, where would I be now? 🌍📚🎥🌱
In a place where you don't even have the freedom to complain，maybe
hi! could I ask how did u get a scholarship to further ur education, and how did u get to work in west Africa? I want in too, im from an asian country and want to get out too.
反贼都这么被“感动”吗？同样都是经过高等教育，差距咋这么大😂😂😂？
@@lowlowlowbonobo two keys: I spoke fluent French and my gmat score was 750. Not sure what is required for you to stand out these days, you probably need to do some research and make real efforts to build up your skill set
You would've been in prison for having a differing opinion
Honestly, I am going through this now. Paralegal grad and no enough job opening in my mid sized city.
Same trend here in the Philippines. Decades ago, a lot of young adults chose to marry early but now, there's a rise in the unmarried, unemployed, or single parents.
im in china,collage degree is not hard as US or eurpe. tings is very diff in china, its easy to get if u can go in collage. just play without study and wait 4 years then collage give u degree,its radiculous but true.and tuition fee is low too,about 1000 dollors one year.
so the china degree is just cheap thing,in any aspect.but its necessary when work,they need u to show the paper to give a job to u
where are you from?
邦有道则仕，邦无道则隐！顺势而为！❤
You always need a back-up plan. Somewhat similar to the USA in 2023-24, but in the USA its more of a 'pause' due to economic uncertainty in the post-pandemic period. When I went to college many years ago I worked part-time for a neighbor who was an electrician. Right after graduation I took the electrical contractors exam and passed. I couldn't find work in my major so started working as an electrician. Eventually found a degree-related job but kept doing small electrical jobs as an income supplement. Its worked out great and the electrical work got me through a period of unemployment and rough financial conditions back around 2002.
You are smart man to have a foot in both camps. However, that won't save you from the robots when they arrive to take both your jobs.
The solution seems to be is limit amount of classes and degrees for jobs that are full. Just have some for replacing retiring workers.
As a college graduate, is it really worth it? Some of my most successful friends didn't go to college. They worked harder/smarter and moved up the ladder. Others friends who did go to college are working so called "blue collar jobs". The cost of college is not only monetary but socially as well.
I think it's good. We spend most of time doing things we hate. The world cares more about profits than humanity. Why people cannot spend more time with people they loved. It's fine to become the last generation and it's not shameful At all because there is one thing I am ensured: the whole world will become worse instead of becoming better
I have a similar issue, it took me 10 years to finish up college and to this day I still have to live with my parents because every time I apply for work with a strong resume I am rejected 100% of the time, there's absolutely no work in California that matches my same skill level and now I'm pushing a step further hoping to get my masters at my university. Because there's a rumor that I heard that every big name company nowadays will only accept people with masters degrees, instead of bachelor's or Associates degrees, it's such a weird world that we're living in now.
I am 77 years young, and feel as though I was born in a different world.
The US is hitting a similar issue with student loan debts. The issue is that there are alot of blue collar jobs that can be done that pays more but those jobs are looked down upon.
What is the unemployment rate for youths without a degree?
1 . Because China number 1
100% in white collar jobs
Good question!
@@blanket.exploresyou're mom must be unemployed
Here in Australia there is currently a huge demand for unskilled labor. Although that demand will probably dry up once the robots arrive.
Young people should go to trade schools more. We need more electricians, HVAC technicians, plumbers, carpenters, etc. We already have too many college grads and not enough office jobs. In the US, tradesmen make more than ordinary office workers.
More immigrants should become tradesmen, this will reduce the costs
I don't want to pay an electrician so much
I wish doing tradesmen work was more than office work
@@TheAlchemist1089 cheap pay = bad job. Immigrants know their worth; I would know because my dad is one. He charges more than most but is arguably one of the best HVAC techs in the area. It’s no one else’s fault that you don’t want to pay people what they deserve.
@@TheAlchemist1089If you dont want to pay people what they deserve to work, while still complaining about money and quality of life, how tf do u expect people to do these works and have a good life?
Wait until the robots arrive to take the trade jobs.
good!
I graduated 2 years ago. My country is going through the highest unemployment rate ever recorded. Many of us are unemployed. And certainly working for our parents. And you're lucky if your parents have businesses that need extra assistance. Otherwise, you'll just be home bound.
It’s all unsustainable
India's youth unemployment rate is more than 2x that of China; Also, don't forget that the percentage of employment is much lower, and even then the unemployment ratio is higher. but no peep from anyone. Now you know what these American media is trying to feed you daily.
I run an engineering business and wish I can hire these young people but unfortunately I have stopped hiring since 2015.
Yes, That is what I am doing right now! you read my mind
Supposing the parents are rich and can pay that salary.
This sounds pretty great to me. Love to see parents being able to support their children
You don't think these adult graduates would benefit from some independence from their parents?
@@cealabeala4367Not at all. They can take care of them as they get old.
@@cealabeala4367 probably somewhat, but it’s way more healthy to have th family structure where everyone lives together and the young take care of the old likewise the old will advice the young. This would also solve the aging problem in most of the world
Until they can't. What the data is suggesting is the parents jobs are at risk and the likelihood of a global recession comes from a contraction in China.
these isn't anything out of the ordinary, might be taboo for westerners but normal for us asians
Nice
America stands with you. Im a full time child for my parents. It's dope. Love the reward for your accomplishments. I get lots of time with my parents love it.
In China, graduates have a hard time finding job.
In Singapore, companies have a hard time finding workers. 🤭
Really? Should we move to singapore instead?
Is there a company in Singapore?
Nah
That is false
Sounds like I need to stay applying in Singapore.
It's not only China, it's happening on Japan, america, indonesia, etc.
Somethin will happen
It is basically the good boy points greentext except it is actually happening. Wild!
This actually shows a strange kind of resilience of Chinese economy. If the unemployment rate was 20% 15 years ago, social turmoils would happen. Why? Because parents of new graduates are much more wealthier than parents 15 years ago. They could afford their children to be “full-time child” for several years. These kids are not in a hurry to find a job and will take the time to find one.
Sounds like cope to me.
There are many countries with high unemployment in South America, Africa, Middle East and no social turmoil. Unemployed get work in grey sector and informal industry like housekeeping, cleaning etc.
You are right😂
the real unemployment among new graduates is much higher than 20%. Just like a parents shouldn't see their children die before themselves, it's not right when the young are worse off than the generation before. This problem is mainly due to bad central government planning.
@@xiphoid2011 The general policy of the central government actually is Ok. In the short term, there is an “over-education” problem, as there are not enough high end jobs available for young graduates (However there are huge demand for high-end jobs with EXPERIENCES, like semi-conductors, AI, EVs, planes). But in the long run, this “over-education” lays the foundation for upgrading of the value chain. So the key is to crack the technological barriers in the next 3-5 years. The transition of the development model would be a sure thing if this could be done and young unemployment issues would be easily solved. If not, China will stuck in the middle income trap. But the trend is quite clear.
Looking at the employment rate alone is meaningless. Ordinary rich people certainly hope that everyone will work for them all their lives to make money, but most young people in China start their own businesses after graduation and become their own bosses. The times have changed, and the established old rules of the game have changed in China.
Not sure I read the title right, clicked on it to be sure of what I'm seeing.
They do well. Smart youth finds good solutions to counteract the inhuman squeeze that the "powerful ones" apply on them all over the world. Thumbs up "kids" ❤👍
even in Canada now this is painfully relatable
Examples of China's 🇨🇳 "Socialism with Chinese characteristics":
- young people with no job,
- Zero Covid and endless lockdowns,
- banks with no money,
- cities for no one,
*- trains for no riders,*
- warships with no sailors and
- highways to nowhere.
You just summarize all anti-china propaganda... LOL
@@udhayakumarMNyou can't prove him wrong though
Freedom of united states
-mountain of school debt
-million dollar of hospital bill
-no fast train
-endless covid without restriction
-bank take all money from investor
-city have no basic infrastructure
-a lot of bankrupt town in usa
Trains for no riders...?
Last time I checked high speed train ridership in China alone in 2021 is 1.9 billion passengers.
2022 high speed train ridership already above 2.2 billion, for 2023 the target is 2.69 billion passengers.
Cities for no one...?
Trends in China is people tend to invest in properties, city planners in China always building city first then people moving in later.
Highways to nowhere...?
Chinese infrastructure projects like to build highways to densely populated areas planned for new cities and towns to be built in the future.
Warships with no sailors...?
You mean drone or what...?
In fact warships in China built faster than newly trained sailors could keep up.
@@dwchen1 Don't pay attention to the people here, they like to spread rumors and smear China, and amplify some minor issues. This has been going on for decades. Because saying these words can improve their sleep quality.
@1:49 “that match their skills and expectations”, then lower your expectations and go out and get a job.
I have been doing that ever since the first day of elementary school
Going to college is just that… a lifetime experience. Take what you have a passion for. I combined business and music and ended up as an elementary teacher.I. Used my business skills as we bought properties, as we budget our finances, as we raised our kids on the importance of following your dreams. One became a doctor, the other an environmental scientist… still following their dreams while I continue to dream and implement my own composition of children’s songs on You Tube channels.
❤