College Graduates May End Up Delivering Your Milk Tea
Beijing is busy worrying about all the young degree-holders who are about to flood the labor force. Spare a thought for the migrant workers.
Would you like a Ph.D. with that?
Photographer: Emmanuel Wong/Getty Images AsiaPacIs it possible that socialist China gives its workers less job security, satisfaction and protection than the U.S., the world’s most capitalist society? In the coronavirus age, that certainly seems to be the case.
While Americans are getting showered with helicopter money, the Chinese have been left empty-handed. Of Beijing’s various stimulus policies, only 500 billion yuan ($70.7 billion), or 0.5% of gross domestic product, is slated for social security expense relief. The funds that are getting doled out have ended up in the wrong places. Instead of paying salaries, some entrepreneurs are using the 1.8 trillion yuan of re-lending facilities earmarked for small-business loans to buy apartments and invest in wealth management products.