"Close Universities That Fail to Secure Employment" Fierce Restructuring in Chinese University Sector
Unprecedented Employment Crisis, Enrollment Cuts and Suspension of New Student Recruitment
"Starting Next Year, Vocational Colleges to Implement 'Dotae System' for Departments"
In China, where youth unemployment has soared to record highs, a system to reduce the number of students in university departments with low employment rates is being actively implemented.
On the 11th (local time), according to China News Weekly, recently Fujian Province announced that it will implement the 'Vocational College Department Elimination System' starting next year. This system reduces the enrollment quota or stops recruiting new students for vocational college departments whose graduates' employment rates have been in the bottom 10% for two consecutive years.
Earlier, Sichuan Province also issued warnings to university departments with employment rates below 50% for two consecutive years, and stated that if the rate remains below 50% for three consecutive years, it will reduce quotas or abolish the departments.
The restructuring of departments with low employment rates appears to be intended to pressure universities to raise the employment rates of their graduates. However, there are concerns that universities might manipulate employment rates to avoid restructuring, thereby distorting reality.
Due to the economic downturn, youth unemployment in China among those aged 16 to 24 is at an all-time high. In June, China's youth unemployment rate reached a record high of 21.3%. However, the perceived unemployment rate is expected to be even higher, raising concerns. Zhang Dandan, an economist at Peking University, estimated that the actual unemployment rate in China could be as high as 46.5%, more than twice the official figure.
The surge in youth unemployment is interpreted as a result of the Chinese government's strict COVID-19 prevention policies, which slowed economic growth. Additionally, the manufacturing sector, a major employer of young people, was severely impacted by COVID-19, and regulatory tightening on industries such as IT platforms and education since 2021 also contributed to the rise in youth unemployment.
Hot Picks Today
"Buy on Black Monday"... Japan's Nomura Forecasts 590,000 for Samsung, 4 Million for SK hynix
- "Plunged During the War, Now Surging Again"... The Real Reason Behind the 6% One-Day Silver Market Rally [Weekend Money]
- "Not Everyone Can Afford This: Inside the World of the True Top 0.1% [Luxury World]"
- "We're Now Earning 10 Million Won a Month"... Semiconductor Boom Drives Performance Bonuses at Major Electronic Component Firms
- Experts Are Already Watching Closely..."Target Stock Price 970,000 Won" Now Only the Uptrend Remains [Weekend Money]
As a result, there are reports of increasing numbers of 'Tangping' (lying flat) individuals who give up on employment and marriage and just lie around, as well as 'Kangaroo' individuals who depend on their parents for living. In particular, in China, 'Full time children' who do housework and receive money from their parents have become a social phenomenon.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.