Unemployment Rate May Ease But High-Paying Jobs are Insufficient
Last Date:Post Views:
Unemployment Rate May Ease But High-Paying Jobs are Insufficient
China's job fairs are making a comeback three years after they were forced to go online due to the coronavirus pandemic, but low wages and a dearth of high-paying jobs in industries hit by weakening external demand point to an uneven economic recovery and employers must Hire carefully.
China's economy was hit hard by the COVID-19 pandemic, causing unemployment rates to soar to nearly 20%. But now, three years after the pandemic forced job fairs to go online, hundreds of job fairs are taking place across China, a promising sign that the country is slowly recovering.
However, the road to recovery is still uneven, with some industries struggling to offer high-paying jobs due to weakening external demand. As a result, employers must be careful when hiring and ensure they offer fair wages to attract the best candidates.
For job seekers like 24-year-old Liu Liangliang, the priority is to secure a stable job, with salary expectations taking a backseat. He, along with many other people, has been affected by the pandemic and is eager to find employment.
Despite the return of job fairs, many workers still face employment anxiety, as shown by a recent survey of 50,000 white-collar workers. The survey found that almost half of the respondents are worried about losing their jobs this year, with 60% citing the uncertain economic environment as the main factor affecting their confidence.
Consumer-facing industries, such as hotels and travel, have recovered more quickly from the pandemic's impact than industries like manufacturing and real estate, which have been hit harder by external demand. This has resulted in higher job confidence for those in consumer-facing industries.
Overall, experts predict that China's employment rate should grow this year, despite the challenges faced by some industries. China's economy grew at a slow pace of 3% last year, and policymakers are hoping to achieve growth of around 5% this year.
As China continues to recover from the pandemic, it is essential that employers focus on creating job opportunities with fair wages to ensure a strong and stable economic future.
Chinese authorities have announced hundreds of job fairs across the country this month, the latest sign that the country is returning to its pre-Covid-19 way of life. That has caused Beijing's biggest headache - youth unemployment - to likely ease from a peak of nearly 20%.
Liu Liangliang, 24, who was looking for a job in a hotel or property management company, said at a job fair in Beijing on Thursday: "I just pray for a stable job and don't have high expectations for the salary. In February this year, more than 40 job fairs were held in Beijing. "The COVID-19 epidemic has hurt many people. There will be more job seekers fighting for job opportunities this year," he said.
Employment anxiety is widespread.
A survey of about 50,000 white-collar workers released by China's largest recruiting firm Zhaopin on Thursday showed 47.3% of respondents worried they might lose their jobs this year, up from 39.8% a year ago.
Some 60% see an "uncertain economic environment" as the main factor affecting their confidence, up from 48.4% in 2022.
Those working in consumer-facing industries have higher job confidence than those in sectors such as manufacturing or real estate, which have been hit by weaker external demand, the survey showed. Consumer-facing industries recovered faster from a low base.
Mr. Zhang, a human resources manager at Xiahang Carnival Hotel in Beijing, said the company's job vacancies tripled from last year as Chinese people resumed travel.
In contrast, Jin Chaofeng, who exports outdoor rattan furniture, said he had no plans to increase staff due to a slowdown in overseas orders.
“People in my industry are watching cautiously,” he said, adding that he plans to reduce production by 20%-30% in March from a year ago.
Frederic Neumann, chief Asia economist at HSBC, expects services and manufacturing to operate at very different paces this year, but says overall employment in China should grow.
China's economy grew 3% last year, one of the weakest performances in nearly half a century. Policymakers are expected to target growth of around 5% this year, which would still be below the high growth rates seen before the pandemic.
That's partly because the pain from strict coronavirus regulations persists.
At another job fair in the capital, Ms. Wei, a former cleaner, was looking for similar work. She said she and her unemployed husband were struggling to pay off credit card debt.
Ms. Wei has a child who is in elementary school. Due to personal privacy reasons, she does not want to disclose her full name. She quit her previous job last year after her employer wanted to cut her salary from 3,500 yuan to 3,200 yuan a month, and was required to work overtime for disinfection related to the new crown virus.
