For college graduates to find jobs in their specialty, there must be enough jobs in their specialty which need to be filled. This obvious fact is often ignored in the U.S. by those who wish to study medieval French poetry or other topics for which there are no financial rewards. My guess is that the Chinese are finding out that their form of government/economy simply doesn’t support a large number of people that had the gumption to complete college.
No one studies medieval French poetry anymore - they haven't since the early 1980s.
It actually requires hard work: learning multiple dialects of a foreign language, textual analysis of manuscripts, historical scholarship to identify references and authorship, etc.
Now the useless academics study Foucault, Derrida, and de Man - but only selections in English translations.
Don’t worry. They’ll find jobs in the USA under some new Democrat/Republican visa program. Or more US companies will move their manufacturing and R&D to China in order to provide cheaper and better services to Americans. (Isn’t that what the Demo-Republicrat Free Traders are always preaching.)