(Yukon Huang is a senior associate at the Carnegie Endowment for International Peace in Washington, where Canyon Bosler is a junior fellow.)
As China tries to evolve from “the workshop of the world” into a more technologically advanced service economy, however, a swelling glut of graduates is threatening this age-old compact. This year alone, Chinese universities are expected to produce a record 7 million degree holders, more than seven times the number 15 years ago. This rapid expansion has vastly outstripped demand: Unemployment among recent graduates has rocketed to 16 percent, four times the norm, while the wage premium they receive has plummeted by 19 percentage points. In some cities, semiskilled factory workers now make more than university graduates in office jobs.
Hey Governor Markell, I am curious, where is that that global economy you keep talking about that requires our children to learn Chinese language skills?
Couldn’t we just take that funding and used it in our high-needs schools to supplement English language skill for underachieving Americans? Jack pay close attention to what these Carnegie folks are saying.
The policy of encouraging more Chinese to get a university education was meant to strengthen China, to help build it into a creative and modern service economy. Instead, the push is creating new and worrying vulnerabilities. It’s too late to turn back, which means solutions must focus on stimulating demand for graduates and changing the skill mix of those students. As President Xi Jinping works to root out corrupt practices, large and small, he should also focus on the bribe taking that’s becoming prevalent in the hiring process.
The alternative is a rising sense of injustice and frustration among tens of thousands of educated youth. That’s hardly a future he or China’s other leaders can afford to contemplate.
Jack. I think there is an underlying message here. Government needs to get out of micromanaging public education and regulating business in a way it strangles real innovation and growth.
Jack what have you done to address the employment needs of Delawareans graduating from college? Jack what have you done to address the employment needs of Delawareans graduation for votech high schools? Jack you spent so much time on building tomorrow workforce Delaware’s current economy falls behind expansion of surrounding states economies. Jack, it’s much easier “talking” about what needs to be done than actually doing what needs to be done. If you were a CEO of a major company you’d be fire for such dismal performance.