An increasing number of fresh US graduates would sooner look for job opportunities in places where the economy is doing well than suffer from unemployment in their own country.
US media reported recently that, affected by the financial crisis, college graduates throughout the nation face gloomy job market prospects. But the growing economy and low cost of living in China is a lure to them.
According to a New York Times report, in previous years at least half of MBA graduates, from top universities like Harvard Business School, could find high-salary jobs in large investment banks. These investment banks have had to fire senior staff, let alone recruit new employees.
The global financial crisis has led to Wall Street losing some 40,000 job opportunities, while 130,000 job opportunities in relevant industries have been cut.
US graduates had to find another way for living, so coming to China became their first choice. They are attracted by excellent conditions in China: rapidly growing economy, low cost of living and a chance to bypass some of the paying-dues that is common to first jobs in the US. Therefore, Chinese cities, such as Beijing and Shanghai, are new lands of opportunity for job seekers.
"I’ve seen a surge of young people coming to work in China over the last few years," said Jack Perkowski, founder of Beijing-headquartered ASIMCO Technologies, one of the largest automotive parts companies in China.
Low cost to start a business is another reason attracting American graduates to come to work in China. After graduating with a degree in biology from Harvard in 2008, Misium came to China to study the language. Then, he started an academic consulting firm that works with Chinese students who want to study in the United States.
"It’s just so cheap to start a business in China." It cost him the equivalent of $12,000.
People’s Daily Online said among many young Americans there is the thought of rapid promotion.