We have seen the Chinese economy grow 6.8% in 2017 and growth is projected to slow down to 6.4% in 2018. China has put in the effort to curb surging housing prices and deal with debt risks, we expect these efforts to gain traction in 2018. China has been able to defy the expectations of a marked slowdown this year due to improved global demand for its goods, infrastructure spending and improved profit by Chinese companies.
With this comeback and the expected sustainable growth in 2018, we expect more opportunities in the labour market, specifically hirings in some specific areas. Financial services, especially the financial markets and investment sector will be looking to create a host of new and exciting roles in China. As the fintech industry expands, there is heightened demand for IT professionals, R&D talent as well as product development across the payments sector, new technology such as blockchain.
A major area for growth and opportunities for candidates will be digital marketing and transformation. 2017 was a great start to what we see as a digital revolution across most companies trying to invest further in their digital technology and markets.
Infrastructure roles in human resources and accounting and finance will prove to be a stable area of growth and key roles in governance and compliance will continue to demand qualified talents which are increasingly more difficult to find across all industries. We expect very conservative growth in talent demand for general manufacturing and traditional industries.
Salary growth will reflect the demand and shortage of specific skills in the market and job security and stability will be a key driver for companies to attract and retain their talent. We have seen more new opportunities and more competition for talent and many companies now understand retaining talent is more important than attracting new talent and we expect 2018 to be a much more rewarding year for people who remain with their current employers. In general salaries will increase 5-8% on average for those who generally perform and stay with their current employer. For those who take on a new opportunity elsewhere we expect salaries to increase between 10-20% on average.
2017 was also the year of China’s 19th Party Congress, where we have learned that China is committed to continue playing a key role in the world’s economic development through its One Belt One Road initiative.
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