This month China will have six million university graduates more. The world looks at the figure in awe, but the graduates themselves have problem: will they find a job? Professor Wang Jianmao of CEIBS thinks they might, if economic restructuring works out, he tells in The National.
But under a “soft landing”, will China still be the job-generating machine it has been in the past for new graduates?
“If the 7 or 8 per cent growth is mainly driven by investment, the answer is no. If the 7 or 8 per cent growth is driven by consumption, the answer is yes, it’s enough to generate the jobs,” said Wang Jianmao, a professor at the China Europe International Business School in Shanghai.
The “real change” to a consumption-driven economy, as opposed to one that relies on exports, will take place “in a few years”, he adds.
In the current economic climate, many graduates will probably have to settle for jobs that would not traditionally be considered as suitable for those with a university degree.