China's Young Jobseekers Struggle Despite Economic Recovery

A jobseeker takes a break at a recruitment fair in Zhengzhou, China. (AFP)
A jobseeker takes a break at a recruitment fair in Zhengzhou, China. (AFP)
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China's Young Jobseekers Struggle Despite Economic Recovery

A jobseeker takes a break at a recruitment fair in Zhengzhou, China. (AFP)
A jobseeker takes a break at a recruitment fair in Zhengzhou, China. (AFP)

Biology student Ma Jingjing wandered the hall of a job fair in central China among other young Chinese hoping to find work in an economy crushed by the coronavirus pandemic.

Ma, 26, is one of almost nine million people graduating and entering the job market this year at a time of great uncertainty, an issue that has the ruling Communist Party worried to the point that President Xi Jinping has made it a priority.

The world's second-largest economy may have rebounded sharply from a historic virus-induced contraction, but its young graduate jobless rate in June was more than three times that for urban unemployment.

Ma was among hundreds of young faces streaming in and out of the job fair on a recent weekend in Zhengzhou, where employers in industries ranging from real estate to manufacturing were recruiting.

Like many others, the aspiring teacher is "at a loss" and wondering if she should settle for any job or hold off work for further education.

"I have applied to seven or eight private schools, but only one has called me back for an interview," she told AFP at the fair.

"I've studied for so many years and don't want my family to pay for further training," she said.

"I'm especially worried about my finances."

Aware of the risk that mass unemployment can spark political unrest -- jeopardizing the party's pledge of prosperity in return for unquestioned political power -- the government has been making efforts to boost graduate employment via state-owned enterprises (SOEs).

But poorer opportunities this year are pushing some into further studies, less ideal jobs or other options.

'Extremely anxious'

Although China's economy appeared to make a strong comeback in the second quarter -- growing 3.2 percent on-year -- analysts caution the rebound may be overestimated, with a gap re-emerging between national figures and higher-frequency data.

Louis Kuijs of Oxford Economics told AFP there is no doubt China is recovering, but the magnitude would determine if growth is "strong enough to re-absorb some of the labor market problems" that emerged earlier this year, such as layoffs.

A gap in growth of a few percentage points could lead to a difference of millions of jobs created, he added.

Although China's urban unemployment rate slipped to 5.7 percent in June, 19.3 percent of new graduates remained jobless, UOB economists said in a report, adding the labor market "continued to face challenges".

Top-level economic data has not necessarily meant better hiring on the ground.

A 27-year-old surnamed Kang, who graduated in 2017, is back in the market after his contract in the communications industry in Beijing ended.

He decided to return to Zhengzhou, but has only received around five callbacks after sending more than 30 resumes to firms -- and is still looking for a job.

"The virus outbreak has limited travel and a lot of job fairs have been postponed or cancelled," he said. "I'm extremely anxious."

Lu Yifan, 25, said the pandemic had caused many overseas Chinese students like him to return home sooner than planned -- adding to the flood of jobseekers.

And Guangdong graduate Zhao Jingying, 22, told AFP: "For us (this year), getting a single job offer is a feat."

Another, Beijing-based Huo Ruixi, 23, left university in July but is planning a second round of further education after an unsuccessful five-month job search.

'Pressures are larger'

The crisis is also causing problems for employers.

Yang Changwei, manager at Deyou Real Estate, told AFP at the Zhengzhou fair it was getting harder to hire sales staff based on commission.

"It feels like jobseekers' mindsets have shifted," he said.

"In sales, you may or may not make deals but with other jobs there can be more stability in income. Because of the epidemic, financial pressures are larger as well."

Officials are ramping up efforts to boost graduate employment, and Premier Li Keqiang announced over nine million new roles will be created this year.

A State Council guideline in March said smaller firms that recruit graduates with contracts longer than a year will be given a subsidy, while SOEs will "continuously expand" the scale of graduate-hiring this year and next.

Henan authorities, for one, said at least half the recruitment positions at SOEs within the province should be reserved for this year's graduates, while Nanjing city in Jiangsu province set aside one billion yuan ($143 million) to provide 100,000 internships for struggling graduates, Xinhua news agency reported.



China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
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China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO

China's finance ministry on Sunday said fiscal policies will be more proactive next year, reiterating its focus on domestic demand, technological innovation and a social safety net.

The statement comes as trading partners urge the world's second-biggest economy to reduce its reliance on exports, underscoring the urgency to revive confidence at home where a prolonged property crisis has rippled ⁠through the economy, weighing on sentiment.

China will boost consumption and actively expand investment in new productive forces and people's overall development, the ministry said in a statement after a two-day meeting at which it set ⁠2026 goals.

In addition, Reuters quoted the ministry as saying that it will support innovation to foster new growth engines, and improve the social security system by providing better healthcare and education services.

Other tasks for next year include promoting integration between urban and rural areas, and propelling China's transformation into a greener society.

China is likely to stick to ⁠its annual economic growth target of around 5% in 2026, government advisers and analysts told Reuters, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell.

Leaders this month promised to maintain a "proactive" fiscal policy next year that would stimulate both consumption and investment to maintain high economic growth.


Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
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Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)

Bulgaria will become the 21st country to adopt the euro on Thursday, but some believe the move could bring higher prices and add to instability in the European Union's poorest country.

A protest campaign emerged this year to "keep the Bulgarian lev", playing on public fears of price rises and a generally negative view of the euro among much of the population.

But successive governments have pushed to join the eurozone and supporters insist it will boost the economy, reinforce ties to the West and protect against Russia's influence.

The single currency first rolled out in 12 countries on January 1, 2002, and has since regularly extended its influence, with Croatia the last country to join in 2023.

But Bulgaria faces unique challenges, including anti-corruption protests that recently swept a conservative-led government from office, leaving the country on the verge of its eighth election in five years.

Boryana Dimitrova of the Alpha Research polling institute, which has tracked public opinion on the euro for a year, told AFP any problems with euro adoption would be seized on by anti-EU politicians.

Any issues will become "part of the political campaign, which creates a basis for rhetoric directed against the EU", she said.

While far-right and pro-Russia parties have been behind several anti-euro protests, many people, especially in poor rural areas, worry about the new currency.

"Prices will go up. That's what friends of mine who live in Western Europe told me," Bilyana Nikolova, 53, who runs a grocery store in the village of Chuprene in northwestern Bulgaria, told AFP.

The latest survey by the EU's polling agency Eurobarometer suggested 49 percent of Bulgarians were against the single currency.

After hyperinflation in the 1990s, Bulgaria pegged its currency to the German mark and then to the euro, making the country dependent on the European Central Bank (ECB).

"It will now finally be able to take part in decision making within this monetary union," Georgi Angelov, senior economist at the Open Society Institute in Sofia, told AFP.

An EU member since 2007, Bulgaria joined the so-called "waiting room" to the single currency in 2020, at the same time as Croatia.

The gains of joining the euro are "substantial", ECB president Christine Lagarde said last month in Sofia, citing "smoother trade, lower financing costs and more stable prices".

Small and medium-sized enterprises stand to save an equivalent of some 500 million euros ($580 million) in exchange fees, she added.

One sector expected to benefit in the Black Sea nation is tourism, which this year generated around eight percent of the country's GDP.

Lagarde predicted the impact on consumer prices would be "modest and short-lived", saying in earlier euro changeovers, the impact was between 0.2 and 0.4 percentage points.

But consumers -- already struggling with inflation -- fear they will not be able to make ends meet, according to Dimitrova.

Food prices in November were up five percent year-on-year, according to the National Statistical Institute, more than double the eurozone average.

Parliament this year adopted empowered oversight bodies to investigate sharp price hikes and curb "unjustified" surges linked to the euro changeover.

But analysts fear wider political uncertainty risks delaying much needed anti-corruption reforms, which could have a knock-on effect on the wider economy.

"The challenge will be to have a stable government for at least one to two years, so we can fully reap the benefits of joining the euro area," Angelov said.


Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)
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Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)

Syria’s central bank governor, Abdulkader Husrieh, said the new Syrian pound is not merely a means of exchange but a symbol of the success of the Syrian revolution, national belonging, and confidence in the country’s ability to recover.

In a Facebook post, Husrieh said that with the launch of the new currency, Syrians were not just celebrating a banknote, but also celebrating their sovereignty and national identity, noting that many international experiences show that national currencies become strong when people rally around them, according to the Syrian Arab News Agency.

He pointed to Germany’s experience, where the introduction of the mark after the war marked the starting point of economic recovery, and to France, where the new French franc became the financial symbol of the new republic, known as the Fifth Republic.

Husrieh said the central bank would carry out its role with a clear understanding of the challenges and opportunities, while committing to responsibility, transparency, and the protection of the national currency. He added that the cornerstone remains public solidarity and trust, because a strong currency begins with the people's belief in it.

He called for turning the launch into a dignified national occasion through which Syrians express awareness, confidence, and adherence to the pound as a symbol of sovereignty and a national choice.

Husrieh added that supporting the pound is supporting the nation, and taking pride in it is a matter of pride in the future for Syrians and their children. He described the move as an opportunity for a new success following the success of the revolution in liberation and the lifting of economic sanctions that had shackled Syria’s economy for nearly fifty years.

Husrieh had recently announced that Jan. 1, 2026, would mark the launch of the new Syrian currency and the start of the exchange process for the old notes, with the exchange to be carried out through 66 companies and 1,000 designated outlets.

Restoring confidence

Political and economic researcher Bassel Kouwefi said the exchange plans, if well implemented, could serve as an entry point for rebuilding confidence in the national economy, encouraging domestic investment, and paving the way for broader reforms in the financial sector. However, he warned against failing to address the root causes of inflation and economic collapse during the previous regime's rule.

Speaking to Asharq Al-Awsat, Kouwefi described currency exchange and the removal of zeros as complex economic measures.

He said their main benefits include simplifying daily transactions, reducing the volume of banknotes in circulation, boosting confidence in stability, lowering printing and transportation costs, simplifying accounting records and financial software, and reducing currency speculation driven by corruption networks seeking to undermine stability in Syria.

Kouwefi said the exchange plans, if well-executed, could help restore confidence in the macroeconomy, but stressed the challenges posed by failing to tackle the fundamental causes of past inflation and collapse, including fiscal deficits, instability, and weak production. He said a comprehensive economic and financial program was therefore essential.

He added that the process also requires strong banking infrastructure, an organized transition period, and sufficient liquidity in the new denominations.

He said these remain major challenges under current Syrian conditions, alongside the need to mitigate social impacts that could lead to public confusion, market exploitation, and difficulties for less informed segments of society.