The Dark Side of China's Job Crisis: Young Graduates Take Risks in Crypto Trading

Struggling Youth Turn to Crypto as China’s Job Market Deteriorates

A growing number of young Chinese graduates are turning to cryptocurrency trading as a way to navigate the country's bleak job market.

As China grapples with an economic slowdown, high youth unemployment, and a struggling real estate sector, many are seeking an escape through risky digital assets.

With limited opportunities at home, some are heading overseas to places like Hong Kong and Tokyo, where crypto markets remain more open and less regulated.

The Pressure of Youth Unemployment

In China, the job market has become increasingly difficult for university graduates.

The youth unemployment rate, which hit a high of 21.3% in June 2023, had only slightly improved to 16.1% by November.

As the economy slows, consumers are wary, and big companies are slashing jobs.

The real estate collapse, which left many households financially strained, has added to the challenge.

For those seeking stable jobs in sectors like technology or finance, the reality is far from promising.

One trader, Mimi Zhang, who left her hometown of Tianjin with a finance degree from Peking University, says,

“There are no jobs for me in China, so I make money in the crypto market.”

Peking University is a prestigious public university in Beijing, China, ranked 14th globally in the QS World University Rankings 2025.

Zhang, now living in Tokyo, says,

“But it’s very stressful. I’m hooked on dopamine. I am sitting completely still with a pounding heart for hours and hours.”

Many of her peers share similar experiences.

The sense of uncertainty is widespread, leading young graduates to explore alternatives that would have seemed far-fetched just a few years ago.

Young People Turn to VPNs to Access Crypto Markets

For Chinese graduates, turning to cryptocurrency markets often feels like their only viable option.

With crypto banned in mainland China since 2021, many use virtual private networks (VPNs) to bypass restrictions and access overseas exchanges.

Cities like Hong Kong, with its more relaxed regulatory approach to virtual assets, have become attractive hubs for these traders.

Xinmei, a 28-year-old computer science graduate from Beijing, moved to Hong Kong in 2022 to trade cryptocurrencies.

Xinmei explains,

"Everyone was getting fired in tech in China. So I moved. Crypto is really out in the open in Hong Kong unlike in China."

Crypto trading may appear as a thrilling alternative to China’s corporate grind, which often demands grueling work hours.

The notorious "996" culture, where employees are expected to work from 9am to 9pm, six days a week, is common in the country's top tech firms.

For many, the alternative, even with its risks, is an appealing escape.

Job Losses Lead Graduates to Seek Opportunities Abroad

As the job market within China continues to tighten, a growing number of graduates are moving abroad in search of opportunities.

Countries like Australia, Canada, and the UK are seeing an influx of Chinese students pursuing further studies, hoping to improve their career prospects.

Meanwhile, Hong Kong has become a key destination for those seeking to break into crypto markets without the constraints of mainland regulations.

The crypto market in Hong Kong is more open and regulated, offering greater freedom compared to China's strict restrictions on cryptocurrencies.

In cities like Tokyo and Sydney, crypto trading offers an outlet for those disillusioned by the lack of traditional job options.

Xinmei says that being part of a network of Mandarin-speaking traders gives him an edge, as many of the coins he buys are created by Chinese engineers.

“It’s good to know what’s happening.”

He refers to how Chinese traders often hype up coin prices together.

High Stakes, High Rewards

While trading in cryptocurrency may seem like a risky venture, the potential returns can be astronomical.

Some traders report making as much as 300% in a single week.

Ximei reveals,

"After Trump got elected the crypto market went insane, so I can easily make 300 percent in a week."

Despite the pressure and stress, he claims it’s still more manageable than the intense work culture back in China.

However, the rapid rise of digital currencies is not without its own challenges.

The volatility of the crypto market means that traders are constantly exposed to risks, with prices swinging dramatically.

This uncertainty is something many young Chinese traders are forced to live with, as they continue to chase profits in an unpredictable virtual environment.

China’s Tech Exodus: Why Young People Are Leaving

With tech companies in China slashing jobs and cutting wages, the country’s once-booming tech industry has taken a downturn.

Major players like ByteDance, Tencent, Xiaomi, JD.com, Didi Chuxing, and Weibo have all made significant layoffs in the past year, leaving many graduates looking for alternative paths.

For those who remain, the pressure is unrelenting.

In China’s tech and retail sectors, working hours are long and exhausting, with little room for work-life balance.

This constant pressure is pushing some workers to reconsider traditional career paths in favour of more flexible, albeit high-risk, alternatives like crypto.

A Changing Landscape for Young Chinese Graduates

In the face of a tough economic environment, young Chinese graduates are increasingly willing to take risks in the crypto market.

For many, the pursuit of a traditional corporate job no longer holds the same appeal, with digital currencies offering a way to earn an income on their own terms.

As China’s economy continues to slow and job opportunities remain limited, the trend of crypto trading is unlikely to fade any time soon.

For some, like another Chinese trader living in Tokyo, the situation is bittersweet.

The trader remarked,

“It is sad, but once you graduate you’re unemployed.”

From his family's perspective, he shared,

"My family would prefer I had a job at a company, but I applied for many jobs with no luck. They are at least happy I can support myself, which is not the same for many Chinese who live at home with their parents. At least I can live in Tokyo and have a good quality of life.”