The problem is a classic case of supply and demand. There is great demand for graduates of Peking Uni and Qinghua Uni because because of their high standards. Some students even get job offer before thery graduate.
On the other hand, universities of lesse known produce graduates who will be in lesser demand. Also you do not get employed just because you have a degree. It depends on the need of your learned skill to fit into the job requirement.
Universities are like talent factory, while the employers are like the consumers. If you produce somthing the consumers do not want, your products will not sell well, there is a mis-match of supply and demand in talent training with too many people going for courses not in demand.
Another is already posted, i.e. too many graduates go to particular cities like Beijing, Shanghai and Shenzhen instead of going to smaller cities to look for jobs. They created a situation of more supply than demand.
The so called poverty happened normally to fresh graduatew who came into big cities bring only few hundred yuan, thinking they could get high pay jobs easily. You can't survie in a city with just few hundes yuan, especially where it takes longer time to secure a job.
And after they managed to get a job, yu can be sure that almost all of then will get a hand phone few months later which no starving person should have. Poverty is only for those who are picky and refused to start from low rank position, and waiting for an executive job offer to drop from sky.
