Beijing Review reports:

Almost 7 million­—this will be the number of college graduates in China in 2013, a year which promises to be the toughest job hunting season in Chinese history. Never before has the nation had so many graduates competing for jobs, particularly when so few are available. The number of vacant positions offered by employers has shrunk by 15 percent. As of April 19, less than 30 percent of graduating seniors in Beijing had signed contracts with employers. Shanghai faces a similar situation. The title of "college student," once a shining halo for Chinese people in the 1980s and 1990s, is now virtually synonymous with "soon-to-be unemployed."

Read more: http://www.bjreview.com/nation/txt/2013-06/03/content_546859.htm