High-paying jobs, which the government relies on to foster a shift to consumption-based growth, are also harder to come by. The proportion of entry-level jobs paying more than 10,000 yuan ($1,450) a month tracked by the Mastercard Caixin BBD China New Economy Index fell to 8.7% in May, the lowest in about two years. The measure looks at human capital and technology-intensive industries that the government has identified as strategic.

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