Slow unemployment' sign of the times

With the unemployment rate of young people aged 16 to 24 being around 20 percent for months, college graduates this year are adapting to the harsh realities of the job market, and are lowering their expectations for employment.

Statistics show that 18.9 percent of college graduates this year are accepting "slow employment", or temporary unemployment, compared with 15.9 percent last year.

The COVID-19 pandemic undoubtedly dealt a heavy blow to the economy over the past three years. Its impacts on the economy, as well as the job market, remain palpable. And the rising uncertainties and risks associated with the external development environment add to the downward pressure on the Chinese economy, affecting the country's foreign trade and pursuit of innovation.

The superimposed effects of the two factors, along with some long-term structural problems with the Chinese economy, such as the local government debt and heavy cost burden for private enterprises and businesses, have all cast negative influences on investment, trade and consumption at the same time, the three growth engines of the economy.

If these factors cannot be addressed properly, the downward pressure on the economy will continue to build up in the foreseeable future, and the temporary unemployment of college graduates will become long-term.

The more than 10 million students who are graduating from university next year will start to look for jobs soon. It is highly likely that the unemployment issue of young people will snowball into a serious challenge for the country.

It is strongly suggested that the government at various levels offer these unemployed college graduates vocational training to expand their job choices. At the same time, the young people should also adapt to the new normal of the economy and job market, realizing that the days when a university degree meant a stable job are long gone.

Enterprises should be encouraged to strengthen their collaboration with higher education institutions so that the latter can cultivate the talents they need most.