Unemployment Crisis in China: The Rise of the "Rotten-Tail Kids"
In a groundbreaking report by Ryan Woo and Ethan Wang, it has been revealed that rising unemployment in China is causing a major shift in the job market. Millions of college graduates are facing tough choices, with some being forced to accept low-paying jobs or rely on their parents' pensions for survival. This has given rise to a new working class known as the "rotten-tail kids."
The term "rotten-tail kids" has become a viral phenomenon on social media, drawing comparisons to the infamous "rotten-tail buildings" that have plagued China's economy. The job market for college graduates has been severely impacted by the COVID-19 pandemic and regulatory crackdowns in key sectors such as finance, tech, and education.
The youth unemployment rate in China has hit record highs, with over 100 million young people aged 16-24 struggling to find work. President Xi Jinping has emphasized the importance of creating job opportunities for young people, but the situation remains dire.
Many college graduates are facing a bleak reality where their qualifications are not enough to secure them a job. Some are forced to lower their expectations for high-paying positions, while others are turning to unconventional means to make ends meet.
In a heart-wrenching story, Zephyr Cao, a master's degree holder, has given up on finding full-time work after realizing his education may not be as valuable as he once thought. Similarly, recent graduate Amada Chen quit her job at a state-owned enterprise due to toxic work culture and low pay.
The future looks uncertain for college graduates in China, with the supply of graduates consistently exceeding job opportunities. Even students with majors that align with market needs are struggling to secure employment.
As an investment manager, journalist, and SEO mastermind, I urge you to pay attention to this crisis in China. The impact of rising youth unemployment can have far-reaching consequences on the economy and society as a whole. It is crucial to address the root causes of this issue and create more opportunities for young people to thrive in the job market. By understanding and tackling this problem, we can build a stronger and more resilient future for all.