8.74 million college graduates face sluggish job market in China; coupons to boost consumption in Beijing

The CCP economy is worsened by the US-China trade war followed by the CCP-virus-induced pandemic. Both the job market and consumptions are sluggish.

Jobless college graduates are encouraged to study two more years to get a second degree

8.74 million college graduates face unemployment due to the pandemic. In order to solve the problem, the once-suspended second-bachelor-degree program has been revived.

As a post-undergraduate education in the university, the second bachelor’s degree program offers two-years full-time study to unemployed college graduates who obtained their bachelor’s degrees within three years.

Lu Xiaodong, a researcher at the School of Education at Peking University, pushed the restart of the second bachelor degree program. He told China News Weekly that the second bachelor’s degree will help alleviate the current unemployment pressure. In addition, universities will admit more graduate students to absorb the unemployed.

Mr. Lu did not mention the obvious that the government will benefit from the large revenue generated from the prolonged education.

Some may ask why someone would spend another two years for a second bachelor’s degree instead of a master’s degree?

The second-degree program, which started in 1984, was originally designed to supplement the graduate program in shortage.

In 2019, the Academic Degrees Committee of the State Council issued the “Administrative Measures for the Authorization and Grant of Bachelor Degrees”, which stipulates that after the implementation of the “Measures” in 2022, each degree-granting unit will no longer recruit second bachelor degree students.

This decision was opposed by some scholars. With the impact of the pandemic on the labor market, Lu Xiaodong wrote “Policy Recommendation on Appropriate Enlargement of Enrollment of Second Bachelor Degree Students to Alleviate the Impact of the New Coronary Pneumonia Epidemic on Employment of College Graduates”.

On May 29, the official website of the Ministry of Education published a notice from the General Office of the Ministry of Education regarding the continuation of the second bachelor’s degree program in colleges and universities. The second bachelor’s degree program has been officially revived.

In addition to enhancing students’ employment and entrepreneurship perspectives, further education also stabilizes employment and protects people’s livelihood, as stated in this year’s government work report.

Xu Shanda, the former deputy director of the State Administration of Taxation, pointed out that employment and people’s livelihood are issues that affect the overall economy. To stabilize the economy, the first task is to stabilize employment.

This year’s 8.74 million graduates set a new record in terms of the number of college graduates in China. Before the revival of the second bachelor’s degree, the Ministry of Education has decided to expand the enrollment of postgraduates by 189,000, the enrollment of colleges and universities by 320,000, and recruit over 400,000 graduates to work in primary and secondary schools and kindergartens.

Beijing offeres coupons to boost consumption

Starting Saturday, Beijing will offer coupons worth 12.2 billion yuan ($1.71 billion) to spur consumption.

As long as people are in the city, or their delivery address is in Beijing, buyers can use the coupon. Corporate buyers are excluded.

The first batch of coupons will be available on Saturday at e-commerce company JD.com. The coupons can be used at restaurants and retailers in Beijing, as well as for buying products online.

The activity will last from Saturday to the National Day holiday in October, and more than 400 activities will be held to boost consumption, covering a multitude of areas including catering, retailing, culture, tourism, education and sports.

Coupons will be given in four batches on June 6, 13, 20 and 27.

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Jun. 05, 2020