Part 9/12:
Simultaneously, China's economic landscape is in flux, marked by fewer employment prospects in traditional sectors. The tech sector's slowdown, alongside a contraction within industries like finance and real estate, has contributed to an increasingly competitive job climate. For PhDs, the expectation of delivering immediate, tangible value in the workplace has stifled opportunities and fostered a culture of frustration.
Data from China’s National Bureau of Statistics reveals an urban unemployment rate around 5%, but among youth aged 16 to 24, it soars beyond 20%. Although the figures don’t reflect the precise struggles of older PhD graduates, the narrative is clear; confidence in the future prospects of these highly educated individuals is waning.