BEIJING -- This year's job-hunting season in China is coming to an end, but Li Weibin has yet to find a satisfactory position.
"I have been looking for jobs for months in Beijing, but have had no luck because many companies only want people with experience," said Li, a new graduate from China Youth University of Political Studies, a top university in China.
"Besides, there are fewer job positions this year," the 22-year-old said.
Like Li, many Chinese graduates are in the midst of a "job-hunting crisis" as a record number of young people search for jobs amid a slowing economy.
China's college graduates reached a record high of 7.49 million this year, up by 220,000 compared with 2014, according to the Ministry of Human Resources and Social Security.
Meanwhile, sagging economic growth means companies have generally decreased demand for new recruits this year.
These factors have made this year's job-hunting season, the time between April and June when fresh graduates begin their search for employment, one of the toughest in history.
According to Zhou Xiaodong, an official with Changzhou University on the eastern seaboard of Jiangsu Province, though the number of companies looking for new recruits at universities has not decreased this year, the positions are generally down by 20 to 30 percent.
"Many big companies, particularly state-own enterprises, have basically slashed their demand for new recruits this year, with some even cutting demand by half," said Chen Yongli, a recruitment official with Peking University.
Company heads are also getting increasingly picky when looking for talent, dealing a big blow to many fresh graduates.
"They want people with experience or graduates from top universities," said Li Liang, a journalism graduate from Hebei University in north China's Hebei Province.
The 24-year-old said he has spent more than 10,000 yuan (1,611 U.S. dollars) on accommodation during job hunting in the past half a year in Beijing, but so far "has not found a dream job."
"I plan to go back home, because I feel like a loser here," Li said.
While the tough environment is to blame, some college graduates are being too picky, said Guo Liqun, recruitment director with China Agricultural University.
"Many students have unreasonably high expectations for their jobs, contributing to this year's grim job prospects."
ENTREPRENEURSHIP, GOING WEST AND "TALENT BIDDING"
In late June, the State Council, China's cabinet, announced new policies to encourage migrant workers, college graduates and discharged soldiers to return to their hometowns and start their own small businesses.
The government has promised easy business registration. Employee social insurance will also be subsidized by the government for small and medium-sized enterprises that hire college graduates.
On Monday, the Department of Human Resources and Social Security in northwest China's Xinjiang Uygur Autonomous Region announced plans to retrain 5,000 unemployed graduates and assign them to work in various positions at offices in the region's remote counties for up to a year.
Those who want to start their own businesses will enjoy favorable policies such as tax abatement and favorable loans.
In the southern metropolis of Shenzhen, authorities have issued 30 measures that support startups in the city.
According to the measures, several "startup gardens", will be established, areas designated for new businesses where participants receive various subsidies. Training sessions will also be provided for college graduates interested in entrepreneurship.
A website that profiles graduates and asks employers to bid to employ is expected to help boost graduate employment.
Hosted by Taobao, China's equivalent to eBay, the "Talent Shop" launched by Kunming University in Yunnan Province last week puts talent up for auction.
The site categorizes students according to their field. The profiles include the student's ideal starting salary and the university's assessment of him or her. Sixty-five of Kunming University's best job candidates are currently profiled.
The talent shop, the first such service on Taobao, is an attempt to promote new graduates to potential employers and "help them deal with the harsh employment conditions this year," said Kunming University principal He Hua.
From September, the site will also allow students to pitch business ideas for crowdfunding or auction, according to He.
