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Most of the people participating in the trend are in their 20s, citing various reasons for quitting ranging from low wages to burnout. LiangAccording to China’s LinkedIn equivalent Maimai, out of 1,554 employees across various sectors surveyed from January through October 2022, 28% resigned that year. A similar movement, dubbed the Great Resignation, had taken off in the United States, with almost 50 million people quitting their jobs in two years. Despite the proliferation of higher education degrees, China’s economy doesn’t currently require as many high-skilled workers and it takes time to transform the economic structure, she said. The resignation trend could affect fertility, but it’s not yet clear how, she said.
Persons: Hong Kong CNN —, Liang, , , Nancy Qian, they’ve, Jade Gao, Qian, ” Qian, Yao Lu, Veyron Mai, ” Lu, Young Organizations: Hong Kong CNN, CNN, ” CNN, Northwestern University’s Kellogg School of Management, Getty, Ministry of Education, Columbia University, University Locations: China, Hong Kong, China’s Zhejiang, United States, West, Beijing, AFP, Yibin, Foshan, Taizhou
China's economy isn't doing as bad as it seems, according to economist Nancy Qian. But Beijing has been disappointed due to outsized expectations for economic growth. Though it's weighed down by a bloated property sector and looming demographic problems, China's economic growth actually clocked in at 6.3% year-over-year over the second quarter, according to the Organization for Economic Cooperation and Development. That's the second-highest projected growth rate among countries tracked by the OECD, with the US, by comparison, slated to grow just 2.2% this year. AdvertisementAdvertisement"But is China's economy really in dire straits?
Persons: Nancy Qian, it's, That's, Qian Organizations: Service, Organization for Economic Cooperation, Development, OECD, Northwestern University, Northwester's, Research Lab, China Econ, Syndicate, Japan Locations: Beijing, Wall, Silicon, China, Italy, Spain, Sweden
China's youth unemployment problem is the root of its economic woes, according to economist Nancy Qian. That's largely due to a shortage of high-skill, high-paying jobs, which will weigh on its economy. That's largely been driven by the lack of high-skill and high-paying jobs in China's employment market, which have left many college graduates unable to find work. Meanwhile, China's economy has been slowing, with the nation seeing a disappointing economic revival since dialing back its zero-COVID policies at the start of this year. But current patterns raise profound concerns for China's economic outlook, especially considering that the government's policies for addressing them have not worked," Qian said.
Persons: Nancy Qian, That's, Qian, It's, that's Organizations: Service, Northwestern University, Project Syndicate, National Bureau of Statistics, Monetary Fund Locations: Wall, Silicon, China
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