China jobs: Beijing offers support as record 10.76 million graduates ramps up employment pressure

The government will offer special help to young entrepreneurs and a range of incentives for small companies to employ fresh graduates

Youth unemployment is already high in China and competition for jobs has been intensified by lay-offs caused by regulatory clampdowns

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Job seekers wait in line to enter a recruitment fair in Shanghai. Photo: Xinhua

Published: 8:30pm, 14 Feb 2022

China is rolling out support for a record 10.76 million college students poised to graduate this year, amid heightened competition for jobs and slowing economic growth.

The government will offer special help to young entrepreneurs as “starting a new business has a multiplier effect in driving up employment”, the National Development and Reform Commission (NDRC), China’s top economic planning agency, said on Friday.

“In recent years, more college graduates have taken part in entrepreneurship, but they also face difficulties in financing, lack of experiences and services among other [issues],” the NDRC said in a statement. “The exemplary activities this year will revolve around the promotion of college graduates’ entrepreneurial practices and employment opportunities.”

The list of preferential policies include free, government-funded start-up incubators, special loans with reduced interest rates, fee and tax cuts, as well as the possibility for college students to retain school credits while taking years off to start a business.

The 10.76 million students set to enter the job market in 2022 does not include those who graduated from overseas universities and are returning home.