(Yicai) March 5 -- The number of China’s college and university graduates is expected to exceed 11.7 million this year, according to the latest government work report.

China’s number of graduates has been breaking records in the past few years. The figure exceeded the threshold of 10 million for the first time in 2022 and that of 11 million last year, being nearly 11.6 million.

With the continuous rise in the number of college and university graduates in the country, the general pressure of employment on the younger generations will continue this year and the years to come, Zhang Chenggang, professor at Capital University of Economics and Business, told Yicai. Securing employment for young workers will remain China’s policy focus, Zhang added.

China is expected to add more than 12 million urban jobs this year, keeping the same level as last year and achieving a surveyed urban unemployment rate of around 5.5 percent, according to the government work report released today.

Last year’s jobless rate in urban areas was around 5.2 percent, reflecting the stability of the country’s labor market, Zhang noted. However, China should pay attention to the slowed or even stagnated growth in workers’ salaries and the increase in working hours, which reflected employment’s lack of prosperity and higher competition pressure, Zhang pointed out.

Editor: Futura Costaglione