A restless Gen Z is reshaping the Chinese Dream

Joy Zhang, a 23-year-old graduate, has held five different jobs in the past few months. She resides in Chengdu, a city located in the Sichuan province of south-west China. Joy asserts that there is an abundance of job opportunities, however, one might need to compromise their expectations to secure employment. This is a prevalent scenario in contemporary China, where the number of university graduates surpasses the number of job vacancies. In fact, only approximately one third of Joy's classmates have secured full-time employment since their graduation.

According to official data from August 2023, over one in five individuals aged between 16 and 24 in China are unemployed. The government has not provided any further updates on this matter since then. With the golden era of China's economy behind them, numerous young individuals are confronting an unforeseen future. Their response to this predicament will significantly influence the trajectory of China's economy, which is the second largest globally.

A profound shift is occurring in the mindset of China's youth, according to Xiang Biao, an Oxford University professor who frequently interacts with young Chinese individuals. He explains that the youth were previously conditioned to believe that diligent studying would inevitably lead to a rewarding job and a comfortable life. However, they are now realizing that this promise is not always fulfilled. The economy is experiencing a slowdown and was severely impacted by the sudden and comprehensive Covid lockdowns. This has created an uncertain business environment for aspiring entrepreneurs and foreign investors in China.