NewsWire: 5/26/21

  • More young Chinese are seeking government jobs over flashy, well-paid positions in the private sector. This reflects both the growing appeal of the civil service and a decline in trust in multinational companies. (The Economist)
    • NH: For the past two decades, the most coveted job for a new university graduate in China was a position at a multinational firm or a domestic tech company like Huawei or Alibaba. These promised high salaries, travel opportunities, and Silicon Valley-style perks.
    • But things have changed. Money and prestige are no longer the draws they once were. Instead, young people are in search of stability and good benefits. Increasingly, the best and brightest are spurning the private sector for the civil service--a sentiment that has only strengthened amid the uncertainty of the pandemic.
    • More than 1.58 million candidates registered for China’s national civil service exam this year, up from 1.05 million in 2009 and 125,000 in 2003. Almost a million eventually sat the exam, competing for around 25,700 jobs.
    • Many of these applicants are seeking refuge from a tough job market. But even before the pandemic hit, the appeal of subsidized housing and a pension had grown among young adults worried about rising housing costs and trying to plan for the future. Chinese youth are also more patriotic than the previous two generations were, which makes working for the government a source of pride. (See “The Rising Chinese Youth Generation.”)
    • One Chinese woman who graduated in 2000 told the South China Morning Post: “[Global brands] were the most fashionable and...gave us the most self-worth when we young Chinese yearned to eat McDonald’s, drink Coca-Cola, wear Nike, and smoke Marlboros like the rest of the world.” But now, foreign companies are viewed more with skepticism than envy.
    • Even homegrown tech companies aren’t received with the same enthusiasm anymore. Young people are wary of their so-called “996” work cultures: 9 AM to 9 PM, six days a week. The graduates interviewed in this piece say that while public-sector pay can be low, the jobs are more meaningful.
    • Sound familiar? In many ways, the attitudes of young Chinese align with those of U.S. Millennials, who also prioritize meaningful work, benefits, and work-life balance. Forget the foosball table and free snacks. Young workers want health insurance, a retirement plan, and a sense of purpose.
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