economy - Urban youth hit by unemploymency

Traditionally unemploymency in China has been associated with rural workers and State-owned companies, but according to a recent report of the Shanghai Academy of Social Sciences the urban youth is also hit hard by the economic transition, reported Chinabiz yesterday.
In the group of 16-35 years old 160,000 Shanghainese were unemployed, 62.2 percent of the total number unemployed. The high number of graduates, doubled in a few years time, and the inflow of many non-Shanghainese makes the labor market rather competitive.
And on the bright side: colleague blogger Wang Jianshuo bought his car. The decision was in the end made very quick, he writes, but he had to think long before actually deciding to buy a car.