China's labor market, already suffering from a glut of qualified jobseekers, is preparing to absorb an additional 2.8 million university graduates this spring.
In 2003, 2.1 million graduates entered the job market, only 70% of which were able to find employment – generally after lowering their job and salary expectations.
A recent study by the School of the Central Committee of the Communist Party of China estimated that there will be around 65 million job seekers in cities in 2004, but only 10 million jobs available.