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Lin Menghan grew up during the best 10 years of China. She witnessed the expansion of cities, increase of salaries and emerging of new consumer goods. She studied quite hard in the school, hoping to share her motherland’s boom.
However, as the GDP growth of China is eased, Lin and her friends can feel the difference. As a 23-year young girl, Lin is confronted with competition that has never been so furious during her job-seeking process. The increasing house price is unaffordable for her either. She studied financial project in Nanjing University. Though she graduated from one of the best universities in China, she is still worried whether she could find a job that could support her living in big cities.
The Chinese government fixed the goal of economic growth rate in 2012 at 7.5%, lower than last year’s 9.2%. According to a report issued by the Brookings Institute, the number of new college graduates in China created the new high in the past few years, but 20%-30% of them could not find jobs. The Chinese government was dedicated to solving the employment problem of young men, but now they have to face the new stress from the economic slowdown.
Prof. Zhang with the Wharton School of the University of Pennsylvania grew up in China’s pre-boom period. He saw the influence of economic policies on the new generation. He said, in the age he grew up, Chinese people have no desire for money or substantial things. The government allocated houses and jobs. But now, young graduates grew up while seeing their seniors, who graduated five or six years earlier than them, are now earning high salaries. So they have more expectations for the Chinese economy.
The slowdown of GDP growth means that young people will be driven out of the residential property market due to the duo impact of low income and high housing price. Chinese young people must “live in their own houses”. This is not only a standard to see whether they are successful, but also a very important precondition for their marriage. As Peterson Institute’s senior researcher Nicolas Lardy said, the price of residential houses in major cities of China kept a double-digit growth rate in the past few years. People having their own houses were greatly benefited while those wanting to buy houses had to suffer – most of them were young people just beginning their career.
The increase of salary cannot catch up with the living cost. The “One Child” policy increases the stress furthermore. Chinese young people were always told by their parents that“you can find no good jobs but to clean the street if they do not study hard” when they were young. As Prof. Zhang said, because of the long-time poverty in China, the boom of Chinese economy in recent years spread the mindset of becoming rich in every means, forcing many students to give up their ideals just for find ing a more profitable position.
However, as the GDP growth of China is eased, Lin and her friends can feel the difference. As a 23-year young girl, Lin is confronted with competition that has never been so furious during her job-seeking process. The increasing house price is unaffordable for her either. She studied financial project in Nanjing University. Though she graduated from one of the best universities in China, she is still worried whether she could find a job that could support her living in big cities.
The Chinese government fixed the goal of economic growth rate in 2012 at 7.5%, lower than last year’s 9.2%. According to a report issued by the Brookings Institute, the number of new college graduates in China created the new high in the past few years, but 20%-30% of them could not find jobs. The Chinese government was dedicated to solving the employment problem of young men, but now they have to face the new stress from the economic slowdown.
Prof. Zhang with the Wharton School of the University of Pennsylvania grew up in China’s pre-boom period. He saw the influence of economic policies on the new generation. He said, in the age he grew up, Chinese people have no desire for money or substantial things. The government allocated houses and jobs. But now, young graduates grew up while seeing their seniors, who graduated five or six years earlier than them, are now earning high salaries. So they have more expectations for the Chinese economy.
The slowdown of GDP growth means that young people will be driven out of the residential property market due to the duo impact of low income and high housing price. Chinese young people must “live in their own houses”. This is not only a standard to see whether they are successful, but also a very important precondition for their marriage. As Peterson Institute’s senior researcher Nicolas Lardy said, the price of residential houses in major cities of China kept a double-digit growth rate in the past few years. People having their own houses were greatly benefited while those wanting to buy houses had to suffer – most of them were young people just beginning their career.
The increase of salary cannot catch up with the living cost. The “One Child” policy increases the stress furthermore. Chinese young people were always told by their parents that“you can find no good jobs but to clean the street if they do not study hard” when they were young. As Prof. Zhang said, because of the long-time poverty in China, the boom of Chinese economy in recent years spread the mindset of becoming rich in every means, forcing many students to give up their ideals just for find ing a more profitable position.