Affected by the Wuhan pneumonia epidemic and the U.S. restriction on the entry of Chinese students, a large number of Chinese students are forced to return to China to earn a living. According to a survey in China, as many as 800,000 international students have to go back to China to look for jobs this year, a significant increase of 70% over the previous year, which has increased the pressure on China’s job market and made the salary of even graduates of famous universities much lower than before in a highly competitive environment.
How severe the employment situation in China is after the epidemic can be seen from the new round of recruitment at the Shenzhen branch of China Merchants Bank. The bank hired junior tellers, who attracted graduates from prestigious universities such as Tsinghua, Peking University and Renmin University, as well as graduates from Imperial College of Science and Technology, University College London and the University of Southern California.
With the spread of overseas epidemics, many international students are returning to China to look for jobs. According to the latest survey report, 800,000 international students, also known as “sea returnees,” have returned to China this year, standing on the same footing as 8.74 million domestic fresh graduates.
He Jiangbing, a Chinese finance scholar, said that due to negative factors such as Wuhan pneumonia, flooding and the U.S.-China trade war, the number of jobs in small and medium-sized enterprises (SMEs) has decreased significantly this year, resulting in a grim employment situation for college graduates.
He Jiangbing: “High-tech companies have been greatly affected by the sanctions imposed by the old U.S. (U.S.), and many foreign companies have relocated. The number of Japanese companies that have applied for relocation assistance until the end of July has reached 1,700. The number of jobs is already small, but with the relocation of foreign companies and the closure of domestic companies, many people have gone to take the civil service examinations.”
The online pre-vocational education platform that conducted the survey revealed that the “returnees” interviewed mainly returned from the United States, the United Kingdom and Australia, and more than 60% of them have a master’s degree, and some even have a doctorate degree.
Nearly 40% of the returnees earn less than 100,000 a year.
Finance and technology are the most popular industries for returnees. Some of them have their heart set on earning more than 300,000 a year, but less than 5% of the respondents are able to do so. Nearly 40% of “returnees” earn less than 100,000 a year, an increase of 10% year on year.
He Jiangbing: “Salary cuts are common. The government’s revenue is also falling. The company’s tax revenue cannot come up because of its poor performance. The government’s decision is based on the fact that the government’s decision was made on the basis of the “best interests” of the people. Under such circumstances, it is impossible to raise capital, it will only fall.”
According to He Jiangbing, the wages of “sea returnees” are generally two to three times higher than those of local graduates. And wage cuts are not the exclusive domain of the “returnees”.
He Jiangbing: “Wages for ‘returnees from the sea’ are lowered because wages in the mainland (for graduates) are lowered more severely. In some places (units), the monthly salary is only 3,000 yuan. If (the returnees) are from regular universities, they are still better than those from the mainland. Because it will be lower in the mainland, it will pull down overall.”
The survey cited industry insiders as saying that the gap between mainland China’s college student population and the sea returnees’ advantage is narrowing as they become more competitive. Cheng Fangping, an education expert at Renmin University of China, has his reservations.
Cheng Fangping: “Domestic education has weaknesses, and there is a difference between theory and practical work ability. The government’s decision is based on the fact that the government’s decision is based on the principle that the government will not be able to take advantage of the situation. For example, there is a lot of information asymmetry in our understanding of foreign countries. They come back to help China and foreign countries understand each other.”
Some analysts believe that whether the trend of “returnees” returning to China for jobs will continue depends largely on whether the U.S. economy can rebound strongly in the third quarter of this year in the face of the epidemic.
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