BEIJING—China's labor market has so far proved resilient despite a slowing economy, but that means little to recent college graduate Wu Xiuyan.

"My classmates and I want to find jobs in banks or foreign-trade companies, but the reality is that we can't find positions that match our education," said Ms. Wu, 24 years old, who graduated in June from Zhejiang University of Finance and Economics. She has spent the time since then living at home and trawling recruitment websites.

"I...