With the economy in a funk and deflation settling in, many people are having to settle for jobs beneath their skill levels, often with reduced pay. That is making it harder to make ends meet, depressing consumer spending and leaving many people frustrated in careers they fear are going nowhere.
In Beijing, Kang Deqiang spent much of the past two decades working as a marketing executive for Chinese media firms, until his last employer, a media outlet focused on railroad travel, went out of business during the pandemic.
Now he manages a dormitory building at a local college, a job that pays only about $500 a month after taxes-about 20% of what he earned at his peak. He also moonlights at a coffee shop in the evenings for about $3.80 per hour.
He says he took the dormitory job in September because he has a $770-a-month mortgage, and had been searching for full-time work for months without success. At least his commute is shorter, he said.
"There isn't anybody who doesn't like a high-paying job. But the economy is going downhill. I have to settle for the next best thing," said Kang, who is 41.
Many employers that used to hire aggressively are in retreat. The property market is in a multiyear downturn, exports are weak, and local governments are saddled with debt. Government crackdowns on the private sector have led many companies to rein in risktaking, while foreign firms, spooked by geopolitical tensions, are cutting investment in China.
Officially, the unemployment rate in Chinese cities was 5.1% in December. While that is higher than the U.S. unemployment rate of 3.7%, it is still relatively low, and better than the full-year average rate of 5.6% in 2022.
However, economists have long raised questions about China's official unemployment report, which only covers urban dwellers, and counts anyone who works an hour or more in a week as fully employed.
هذه القصة مأخوذة من طبعة January 29, 2024 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة January 29, 2024 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Premium the watchword for SBI as Q2 profits surge
Chairman says the bank will compete on quality of service, not on deposit rates
India eyes grants, loans for Global South at COP29
India plans to leverage its climate commitments to pitch for grants and concessional loans, instead of investments for the Global South, at the upcoming climate negotiations in Baku, two people aware of the matter said.
Tata Steel's Q2 show weighed down by slow Europe revival
The September quarter (Q2FY25) earnings of Tata Steel Ltd had its share of positives even as European operations remain a drag.
Spectre of fall in revenue nixes telecom levy cut
Indian telecom service providers' hopes to get relief from levies on adjusted gross revenue (AGR) might get dashed on the Union finance ministry's revenue concerns, according to two senior officials close to the discussions.
Zomato, Swiggy face CCI heat on antitrust violation
An investigation by India's antitrust body found food delivery giants Zomato and SoftBank-backed Swiggy breached competition laws, with their business practices favouring select restaurants listed on their platforms, documents show.
Trump enters just as the Fed is shifting its focus
With its second consecutive interest-rate cut this year, the Federal Reserve is attempting to boost the odds of a soft landing.
Regulator gets staff to enforce drug quality
The govt is planning to fill 250 new positions to strengthen enforcement
Govt unveils scheme for meditech industry
The government on Friday launched a scheme aimed at strengthening the medical devices industry with an initial outlay of ₹500 crore for three years 2024-2025 to 2026-27.
RATAN TATA MADE INDIA A BETTER, KINDER PLACE
Shri Ratan Tata's support for the Swachh Bharat Mission was close to my heart
Ministry cancels allocation of coal block to JSW Steel
The Union coal ministry has annulled the allocation of the Banai-Bhalumunda coal block in Chhattisgarh to Sajjan Jindal-led JSW Steel over the non-payment of a performance bank guarantee worth about ₹1,000 crore.