The numbers of university graduates in China has exploded.
In 1997, 400,000 students graduated from four-year university programs. Today, Chinese schools produce more than 3 million per year. But employment rates at graduation have plunged. And remote suburbs of Beijing and Shanghai teem with underemployed graduates, crammed four to a room in substandard housing and eking out an existence, often financially supported by their parents, as sidewalk vendors.
The country faces a higher education bubble fueled by state investment.