View from the Ground
In recent years, China’s local labour market has increasingly been able to meet the hiring demands of employers, represented over the past five years by a steadily decreasing Overall Index Score. However, there are exceptions to this trend, where skills shortages have the potential to hamper business operations: these are typically within high-tech sectors and STEM job functions. In addition, employers are becoming more selective in their hiring decisions, and focusing greater attention on soft skills, culture fit and aptitude for ongoing learning. Various new technologies and heightened consumer expectations continue to bring about unparalleled changes across retail banking, which indicates transformation within the sector is far from complete.
Simon Lance, Managing Director, Hays Greater China
Key Skills in Demand
- Data Scientists
- Clinical Physicians
- eCommerce Managers
- Senior Engineers – R&D
- Digital Finance Experts
China’s economy continued to grow rapidly, expanding by 6.6% in 2018. Some 60% of the growth in GDP came from the service sector. An expansion in economic output by the mining and quarrying, manufacturing, utilities, and construction sectors was responsible for 36% of the GDP growth and agriculture, forestry and fishing the remaining 4%.
In 2018, employment remained virtually unchanged. This masked a 2.3% or 9.6 million rise in the numbers employed in urban areas. This mostly offset a 2.9% or 10.1 million decline in rural employment. This continues the long-term trend of urbanisation. The unemployment rate based on the numbers of registered unemployed fell by 0.1 percentage points to 3.9%. The survey-based measure of unemployment for urban areas suggested the urban unemployment rate was slightly higher at 4.9%