Wu Ning is six months back from a master’s degree in the U.K. Originally excited about his return to China as a desirable entrant to the job market, he has fallen into depression.

“I didn’t expect to still be unemployed, living with my parents, and struggling to meet a potential partner,” he told MarketWatch by phone from Beijing. His story mirrors those of dozens of young Chinese interviewed in recent months.

Seismic…

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