Wages for China's Newest College Grads Are Plunging
- Newly minted graduates to reach a record high this year
- Graduate wages plummet 16% for second straight annual decline
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Wages for China’s newest college graduates are plunging even as their ranks rise to a record. That’s unwelcome news for the nation’s young elite, but it may aid policy makers striving to shift the economy into higher technology industries and services.
Monthly salaries plummeted 16 percent to 4,014 yuan ($590) this year for a second-straight annual decline, data from recruitment site Zhaopin.com show. The Ministry of Education estimates that 7.95 million will graduate this year, almost the population of Switzerland.