Chinese University Graduate Job Market Joined by Overseas Students

Over 800,000 Returned This Year... COVID-19, Anti-China Sentiment, and Other Adverse Factors Combined
July Unemployment Rate for College Graduates (Aged 20-24) at 19.3%... Up 3.9 Percentage Points from Same Month Last Year

[Asia Economy Beijing=Special Correspondent Jo Young-shin] According to a report by the Hong Kong South China Morning Post (SCMP) on the 22nd, 800,000 Chinese international students who graduated from overseas universities have returned to China, making the job market for college graduates even more competitive this year.

According to a recent survey released by the career development site UniCareer, the number of international students returning to China this year has surged by 70% compared to the previous year, reaching 800,000.

The number of students graduating from universities in China this year is 8.74 million. With the addition of 800,000 international students who could not find jobs overseas entering the job market, it has become even more difficult for college graduates to find employment.

Among the returning international students, 28.6% are from the United States, followed by the United Kingdom (26.3%) and Australia (13.2%). More than 60% of them hold at least a master's degree or higher.

About 5% of the international students receive job offers with an annual salary of over 300,000 yuan (approximately 51.42 million KRW). On the other hand, about 40% reportedly have an annual salary below 100,000 yuan.

According to employment data for college graduates released recently by the job site 58.com, the average annual salary for university graduates in China is 93,600 yuan. Approximately 40% of the international students find jobs in the finance and technology sectors. Only 5.7% are employed in government agencies or academia, and 3% in manufacturing.

The number of returning international students has steadily increased from 186,200 in 2011 to 409,100 in 2015, and 519,400 in 2018.

This is due to a combination of anti-China sentiment, strengthened foreign employment regulations, and adverse factors such as the COVID-19 pandemic.

According to the National Bureau of Statistics of China, the urban unemployment rate peaked at 6.2% in February, then decreased to 5.7% in July and 5.6% in August.

However, the unemployment rate for those aged 20-24 with a college degree or higher was 19.3% in July, an increase of 3.9 percentage points compared to the same period last year.

SCMP reported that although the National Bureau of Statistics did not announce the unemployment rate for college graduates aged 20-24 in August, it rose by 5.4 percentage points compared to the same period last year.