China is going through the same steps of developed economies in a much shorther time...
"Between 2020 and 2022, when China imposed a strict “zero-covid” policy, many students swarmed into postgraduate studies as a way of postponing the job hunt during economic turbulence (in China, a master’s often takes three years). Since then, the number sitting the master’s entrance exam has dropped. It has become clearer that staying in education produces diminishing returns. A survey in 2024 by Zhaopin, a hiring platform, found that by the spring recruitment round, 44.4% of postgraduates had received a job offer—one percentage point lower than those with bachelor’s degrees and 12 points below those with vocational training. It might be expected that many would apply for a master’s after failing the civil-service exam. But many graduates fear the job market could get worse. Better to take the plunge sooner rather than later, some reckon.
So the rise in applications for the civil service and fall in demand for graduate courses are two sides of the same coin: a weak economy. It could become a self-reinforcing trend: the more that talented youngsters turn their backs on the private sector and seek government jobs, the less vigorous China’s economy will become."
https://www.economist.com/china/2026/02/05/chinas-graduates-face-a-whole-new-set-of-gruelling-tests
