Refinitiv Newscasts - At job fairs in China, lower pay and fewer openings

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20/02/2023 07:36

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_o4apai2n&referenceId=tag:reuters.com,2023:newsml_RW156920022023RP1_930&pageId=RefinitivNewscasts
Source: Reuters

Description: China's job fairs are making a comeback, but subdued wages and
less abundant offerings highlight a guarded post-Covid recovery in the world's
second largest economy. Flora Bradley-Watson reports.
Short Link: https://refini.tv/41dlPQG

Video Transcript:

China is one of the world's last countries to return to something like a
pre-COVID way of life. And one sign things are shifting is the hundreds of job
fairs like this one in Beijing, many set to take place this month. It's a
welcome sight for China's leaders after the economy saw its weakest
performance in half a century last year and bruising youth unemployment neared
a peak of 20%. Job fairs are an efficient way for employers to reach out in
China, where 1.4 billion people live. But some attendees at the fair weren't
brimming with confidence about what's on offer. This 24-year-old, who was
looking for a job in a hotel or property management, said he only hopes for a
stable job and not high pay. One recruitment manager at the fair said
competition for jobs was tough.

We haven't met any job seekers who are demanding a lot in salary. Our main
focus here today is to find those living nearby for some of the positions.
We’ll also try to match those who live nearby with some positions. There
are a lot of people who are out of work due to the epidemic.

Employment anxiety is also widespread. A survey of about 50,000 white-collar
workers published on Thursday by Zhaopin, one of China's biggest recruiting
firms, showed more than 47% of them were worried they may lose their jobs this
year. Those working in consumer-facing jobs had higher job confidence than
those in manufacturing, which has been hit by a sputtering demand for what
China makes overseas and a property market slump. After a disappointing report
card last year, the outlook for China's economy in the year ahead isn't much
better with the pain from stringent COVID rules lingering. Policymakers are
expected to only aim for growth of about 5%, still below the blistering
pre-pandemic pace China once enjoyed