Business
Young Chinese Seek Alternative Jobs In Shifting Economy
In a significant shift, young Chinese professionals are turning away from traditional careers in favor of non-traditional jobs, as the country’s economic landscape continues
to evolve.
According to reports, many young Chinese are opting for alternative careers in fields such as art, design, and technology, eschewing the traditional paths of medicine, law, and engineering. This trend is largely driven by the changing nature of work in China, where the gig economy and entrepreneurship are becoming increasingly popular.
“Young people are looking for more flexible and creative ways to make a living,” said Wang Xin, a career counselor in Beijing. “They want to pursue their passions, rather than just taking a traditional 9-to-5 job.”
One such young person is 25-year-old Liu Xia, who abandoned her career in finance to become a freelance graphic designer. “I was tired of the long hours and lack of creativity in my old job,” she said. “Now, I get to work on projects I love, and have the freedom to pursue my own interests.”
Another driver of this trend is the rise of the digital economy, which has created new opportunities for young people to start their own businesses or work as freelancers.
“The internet has opened up so many possibilities for young people,” said Zhang Wei, a tech entrepreneur in Shanghai. “They can start their own businesses, work remotely, or pursue careers in fields like e-commerce and digital marketing.”
However, this shift also raises concerns about the impact on traditional industries and the broader economy.
“Some industries are facing a brain drain, as young talent opts for more glamorous or flexible careers,” said Dr. LiJian, an economist at Tsinghua University. “This could have long-term implications for China’s economic development.”
Despite these concerns, many experts believe that this trend is a natural response to the changing nature of work in China.
“Young people are adapting to the new economy, and finding innovative ways to succeed,” said Wang Xin. “This is a positive sign for China’s future.”
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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