Chinese graduates see future in SOEs

Foreign-invested companies in China are losing allure as a growing number of college graduates look to work in state-owned enterprises after graduation, according to a survey.

About 40.7 percent of students would prefer to work in SOEs, according to the report based on 20,000-plus questionnaires completed by university students and graduates who have not found jobs. Only 25.5 percent listed multinational companies as their first choice.

This trend contrasts with a 2007 survey in which only 24.1 percent students wanted to go to SOEs and 42 percent favored foreign ones, according to the annual report by yingjiesheng.com, a local job website for students.

Job seekers value stability more after recent economic crises and many SOEs now provide competitive salaries, the report said.

About 17.2 percent of respondents preferred government sectors or units affiliated to the government for their stability. Private firms are still the least popular, with only 7.2 percent respondents choosing private companies. The remaining 9.4 percent voted for joint ventures.

Beijing, Shanghai and Guangzhou are still the top three choices of fresh graduates to start their career, despite high living costs.

Finance, investment and insurance are the most popular sectors among university students, with 36.8 percent of respondents looking to work in these areas.

Source: Shanghai Daily