The China economy is expected to grow albeit at a slower rate in 2020. This is seen as a healthy consolidation after a few years of super normal growth.
The economy is making a structural shift from the traditional manufacturing sector to the hi-tech and services sector. The hi-tech sector includes the artificial intelligence, automation, digitalization, internet, health services and education.
With the new economy, new positions will be created. The hi-tech and internet sector will require technical professionals in research, development, applications and programming. The services sector will require professionals with strong service mindset, communication and customer relationship management (CRM) skills.
Across all industries, employers prefer candidates with entrepreneur mindset, strong leadership, cross-industry and cross-functional experience, high adaptability and quick learning ability.
With long term equity incentives losing its attractiveness, companies have to attract and retain talent by offering more career development and training opportunities. Employers are also developing their own talents through setting up in-house universities or training academies. Courses that companies provide include train the trainer, leadership, creativity and other general management skills. In addition, we see more and more companies giving each employee an allowance every year to attend external trainings.