Bloomberg: China’s Booming Service Industry Can’t Keep Up With College Grads
In an article about service industry in China published on Bloomberg, Albert Park, Director of HKUST IEMS, cautions that the types of jobs being being created in China may not be able to support the upgrading of the country’s economy.
After census data analysis he made a conclusion that the proportion of professional and technical positions in China is smaller than proportion of low-skilled service and sales jobs. He mentioned: “If China’s goal is all about upgrading the economy, then one might be worried.”
The article argues that despite government’s attempts to grow service industry and create more jobs in this sector of the economy, several problems still remain. Although unemployment rate has fallen drastically, workers don’t have much power in wage negotiation, and they often don’t get employment benefits needed. In addition, fresh college graduates are struggling to find jobs because their number is growing. At the same time, number of jobs requiring special skills cannot catch up with that growth.
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