Monday, August 27, 2012

China: Broken dreams



Many young Chinese are losing faith in China's economic miracle.
Although the nation's economy has expanded to more than $7 trillion and is poised to overtake the US in the next decade as the world's largest, fewer Chinese feel they are sharing in the prosperity.
A sense of disillusionment is spreading, particularly among the post-1980 generation, who are well-educated and mobile but still struggle to find profitable jobs.
Signs that the economy is slowing only add to the malaise. The Chinese government predicts the economy will grow by 7.5 per cent in 2012, down from 9.2 per cent last year, which would be the slowest growth rate since 1990. Economists say this could mean the loss of two million jobs.
At the same time a record number of new graduates are looking for work. Some 25 million Chinese will be on the job hunt this year. Even those who find work are frequently disappointed.
Surveys show that young Chinese office workers in big cities are widely unhappy. Most complain of a feeling of insecurity.

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