(From CNNMoney) — Low-wage, unskilled labor was once its competitive edge, but now China is quickly rising as the world's largest supplier of college-educated workers. By 2030, China alone will account for 30 percent of the world's new college-educated workers, predicts a study by the McKinsey Global Institute.
In comparison, the United States will account for only 5 percent, and collectively, advanced countries including the U.S., Japan and much of Europe will account for only 14 percent of new highly educated workers.
Overall, the results of the study point to a global need for more college grads. It predicts employers around the world will be faced with a shortage of 38 million college-educated workers and a surplus of 90 million unskilled workers in 2030.