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U.S. graduates look for jobs in China
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15:20, August 18, 2009

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An increasing number of fresh U.S. graduates would sooner look for job opportunities in places where the economy is doing well than suffer from unemployment in their own country.

U.S. media reported recently that affected by the financial crisis, college graduates throughout the nation face gloomy job market prospects. But the growing economy and low cost of living in China is a lure to them.

A depressed U.S. job market

"It's really not the right time to graduate when news about unemployment and M&A of enterprises can been seen in the newspaper everyday." "We really don't know what will happen tomorrow, and we have no sense of security", said two fresh graduates, who both graduated in May with a Harvard MBA degree, and are still hunting for jobs.

My friends have the same idea, even those who have got recruitment prospects they are still worried they might lose their job, said Sam Marconi.

The worldwide financial crisis has led to a depressed U.S. job market in 2009, and a lot of college graduates face a grim "graduation means unemployment" dilemma.

According to a New York Times report, in previous years at least half of MBA graduates, from top universities like Harvard Business School, could find high-salary jobs in large investment banks. While since last year, these investment banks have had to fire senior staff, let alone recruit new employees.

The global financial crisis has led to Wall Street losing some 40,000 job opportunities, while 130,000 job opportunities in relevant industries have been cut.

Turn to Beijing, Shanghai to find jobs

Due to the severe job situation, U.S. graduates had to find another way for living, so coming to China became their first choice. They are attracted by excellent conditions in China: rapidly growing economy, low cost of living, and a chance to bypass some of the paying-dues that is common to first jobs in the U.S. Therefore, Chinese cities, such as Beijing and Shanghai, are new lands of opportunity for job seekers.

"I've seen a surge of young people coming to work in China over the last few years,"said Jack Perkowski, founder of Beijing-headquartered ASIMCO Technologies, one of the largest automotive parts companies in China.

"When I came over to China, that was the first wave of Americans coming to China,"he said. "These young people are part of this big second wave."

One of those in the latest wave is Stephens. He graduated from Wesleyn University in 2007 with a bachelor's degree and came to China.

"I didn't know anything about China and could not understand Chinese"said he, "People could not understand why I came to China, but I wanted to do something off the beaten track.”

Two years later, Stephens could speak fluent Chinese and became a manager of a online videogame company.

Perkowski set up a bank in Beijing recently and has not posted any job openings, but has received more than 60 resumes; a third are from young people in the U.S. who want to come work in China.

Cheap to start a business

Low cost to start a business is another reason attracting American graduates to come to work in China. After graduating with a degree in biology from Harvard in 2008, Misium came to China to study the language. Then, he started an academic consulting firm that works with Chinese students who want to study in the United States.

"It's just so cheap to start a business in China."It cost him the equivalent of $12,000, which he had in savings, he said.

Among many young Americans, they also consider promotions. Berman said: "There is no doubt that China is an awesome place to jump-start your career. Back in the U.S., I would be intern No. 3 at some company or selling tickets at Lincoln Center."

By People's Daily Online

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