According to a post by Gordon Chang at Forbes, China is seeing record numbers of Chinese graduates, but at the same time a drop of college graduates who have employment contracts prior to graduating. According to the South China Morning Post, the average number of students with signed contracts for mainland China is 52.4%, however, it is as low as 46% in Guangdong and 33% in Beijing.
Given that it is an open secret that China fudges their official numbers, the employment situation in China for recent graduates is starting to look very similar to those in the United States. For those who rely on China to supplant the United States as the economic hub of the world, this is bad news considering that China hasn't even come close to approaching the economic development standards that the United States has. China cannot be both the creditor, debtor, producer and consumer for the world; that would be the equivalent of the perpetual motion machine.
The cessation of economic growth in China, which I think will happen in the not to distant future, will be a black day for the global economy and unmitigated disaster for the PRC. For the last two to three generations the Chinese government has stacked their entire legitimacy, and raison d'être, on economic growth. What happens to the Chinese government when that is removed? Only time will tell.