Cover Story: China’s Record Class of College Graduates Faces Final Test in Shrinking Job Market

As the jobless rate for young urbanites soars to 18.8%, 11.8 million new degree-holders enter workforce

China’s record class of 2024 college graduates -- 11.8 million students strong – are entering the weakest job market the country has endured in years as the former growth sectors of internet companies, education employers and real estate developers reduce their payrolls.

Amid the shifting economic landscape – in which the emerging industries of new energy vehicles, semiconductors and carbon neutrality have yet to pick up the slack -- the unemployment rate for 16- to 24-year-olds in urban areas jumped to 18.8% in August, the highest this year.

Companies that once focused on rapid expansion are now prioritizing cost-cutting and efficiency, leading to more rigorous hiring processes and more competitive work environments.

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