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With 6.1 million college students graduating in 2009 amidst the economic gloom, many will have a hard time finding jobs immediately. Those that do will have to make do with lower pay.
Layoffs and rumours of layoffs are prompting growing numbers of Chinese employees working in financial institutions on Wall Street to return home to the motherland. Shanghai, which aims to be a global financial centre, is in a good position to gain from it all.
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The idea that fresh graduates will have to take lower pay is probably a good thing. From what I gather Chinese employment laws are all on the side of the employee leaving the employer screwed in most situations. I was recently told that if it were not for this 'financial crisis' (© extremely nervous Chuppies) then uni graduates could expect 5000 rmb a month in their first job. It's like the average pay goes up a grand every year.
All of those Wall st. hai gui can return to Shanghai with skills such as generating false balance sheets and overly complex instruments designed to confuse and obfuscate and run circles around Beijing's regulators.