media - Too many journalists in China?

A rather remarkable story from Xinhua, heard via the Shanghai Daily. It says that China is having too many journalism graduates. The number of graduates has gone up ten times in ten years time, the story says:

The number of journalism majors has risen 10 times in 10 years, Xinhua said.
Many Chinese colleges recruit students to journalism majors when they haven't enough teachers, textbooks and equipment, the report said.
The result is more students and lower quality of teaching, it said.
Chinese colleges have set 661 journalism majors, 10 times the number in 1995. About 130,000 students are studying journalism majors and 30,000 graduate every year – way beyond job market demand.

That is so much different compared to the journalism market ten years ago, when only a small percentage of the media was able to attract professionally educated journalists. In Shanghai the percentage was 20 percent of all journalists, but in less attractive places media could almost get no graduates.
Quality seems a problem, the article adds: having a major in journalism does not mean good quality. The entry salaries in journalism are pretty low, but tend to go up when people gather experience. Maybe there is a premium on experience here.