China's thousands of state-owned enterprises, local governments, and public institutions are expanding hiring as a record number of students graduate into a job market left reeling by the COVID-19 pandemic.
BEIJING - China’s thousands of state-owned enterprises, local governments, and public institutions are expanding hiring as a record number of students graduate into a job market left reeling by the COVID-19 pandemic.
Job stability for the young is a longstanding political concern in China. President Xi Jinping, who has previously warned that struggling graduates could “turn into negative energy,” is urging more hiring. State-owned enterprises, local governments, and public institutions, known collectively as “the system”, are responding to Xi’s call.
“Clearly, initiatives such as this run counter to the idea that China’s SOEs are run on a purely commercial basis,” said Louis Kuijs, of Oxford Economics. SOEs, which enjoy privileged access to certain sectors, have a “special responsibility” at times, he said. Efforts to directly soak up labour are limited as China’s private sector accounts for 80% of urban jobs. But SOEs have also been told to help employment indirectly by promptly paying and reducing costs for smaller companies, said Andrew Polk, a partner at Trivium China, a research advisory.
“Nothing is more important than stability,” said Joanna Yu, an applicant for the civil service examination in Shandong province.
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