Oakley Qiao had every reason to feel confident when he began his job hunt last September. He was a student at one of China’s top graduate business schools. He already had a few years of work experience. Students applying for jobs at the same time the previous year had gotten two or three offers by the winter, sometimes for a starting salary 20 times the average Chinese annual income.

But on Tuesday, Mr. Qiao walked away empty-handed from the campus of Peking University to take a train northeast to his frigid hometown.

Edward Wong (’98) reports from Beijing for the New York Times.

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Photo via New York Times