Much has been written about the 600,000 Chinese engineers just desperate to take jobs. As I pointed out in my book, Freedom, the reality is that in China like India, the education system does not work very well and a college education can mean very little. The following is from a piece by Professor Pettis from Seeking Alpa

6.1 million college students will graduate this month and, according to the Ministry of Human Resources and Social Security, about 1 million have been unable to find jobs so far. Over the past three years the number of college graduates finding jobs has stagnated even as the number of graduates has surged, even during the boom years of 2006 and 2007. Part of this was caused by the surge in college enrollment, but at least part of the employment difficulties facing college graduates has been blamed on the very poor quality of university education, especially in the new or newly expanded schools, and its failure to prepare students for the kinds of jobs that the market wants.