Businessweek says:

With China's economy still at high speed and corporate profits and wages on the upswing, this should be a golden time to be a newly minted university graduate. After all, multinational corporations have been complaining that they can't find enough qualified people to hire. Factories along the coastal regions have been hit by a shortage of migrant workers.

But guess what? For college seniors graduating this spring, finding a job has been a real struggle. There are simply too many of them to absorb even for a growing economy like China.

And this part:

College graduates expect to land nice white collar jobs after graduation. The reality is that China's economic growth is still largely driven by factories needing cheap, low-skilled workers churning out products for export. Hence, chief executives complain that they receive a mountain of résumés for administrative positions but are having a hard time filling openings on the plant floor.

To read more:

http://www.businessweek.com/globalbiz/content/jun2007/gb20070605_780984.htm?chan=globalbiz_asia+index+page_top+stories