From China Watch:
Despite record-shattering economic growth rates and swift industrialization, a major jobs crisis is brewing in mainland China, reports China Economic Weekly. The number of people entering the job market this year is expected to reach 17 million and the labor surplus could reach 14 million, according to an April report by the National Development and Reform Commission (NDRC).
China has experienced only two other major jobs crises in recent decades, in the 1970s and the 1990s. The current increase in job seekers has been attributed to surplus production capacity, increasing trade frictions, and revaluation of the Chinese yuan. The unemployment surge, which affects mainly recent graduates, technical workers, and demobilized soldiers, is expected to peak in September and last for up to two years. [Full Text]