11-14-2008 13:46Special Report: Global Financial Crisis
It's the time of the year for new graduates to look for jobs. A global slowdown means some are going to find it extra difficult to land the career of their dreams. But the demand is still there for those who have been lucky enough to pick the right majors.
|A global slowdown means some are going to find it extra |
difficult to land the career of their dreams. But the demand
is still there for those who have been lucky enough to pick
the right majors.
Financial and management sectors have been hardest hit by economic turmoil at this year. And students who majored in Finance, International Business, E-Commerce, and Accountancy are finding it difficult to find jobs. Big foreign companies like Citibank, HSBC, Mogan Stanley have cut back or even ruled out any plans to recruit new talent. While fewer securities companies are looking for staff in China.
Zhao Xiaotao, Deputy Dean of Finance Inst. of Central University of Finance & Economics said "The subprime lending crisis and global economic recession will directly or indirectly have an impact on China's economy. The direct impact will be on the financial sector. However, other sectors will also be affected, thus reducing the demand for talent."
Here at home, property and export companies are the hardest hit. According to figures, nearly 30 percent of new graduates have traditionally found employment in the property sector. But due to slumping real estate sales, many big property companies have reduced or canceled their recruitment plans. Export companies are also facing lower demand from abroad this year. And they're also cutting back on employment by as much as 30 percent on average.
However, economic development in China has also generated strong demand for talented people to work in sectors such as oil, mining, mechanics, aerospace, nuclear power, railway, communication and agriculture.
Liu Yingwei, Recruiter of State Nuclear Power Technology Corp. said "We recruited more than 600 people last year, and this year, the figure rose to 850. Because nuclear energy is a growing sector in China, I think the demand for talent in this field will continue to grow in the future."
China's huge investment plan in railways is also providing many more job opportunities. It is estimated that 6 million more people will be needed to work in this industry.
Generally speaking, the demand for majors in science and technology is still growing steadily, while there is also strong demand for graduates in agriculture. In China's western regions, the demand for teachers and health-care workers continues to far exceed supplies.