China’s rise as ‘talent magnet’ reshaping Asia’s pipeline of professional staff

By Xiao Xin Source:Global Times Published: 2018/3/1 22:18:40

China has turned out to be increasingly a magnet for international talent, with a recent survey by HSBC revealing that foreigners living in the financial hub of Shanghai are among the world's highest-paid expats.

It is expected that attractive salaries and abundant opportunities in China, which continues to open its doors to the world, will lure more overseas talent, notably people from other Asian countries such as India and Singapore.

China will become a "black hole" that sucks in Asian talent, while Chinese companies doing business overseas will also serve as a magnet for local talent. This will help reorganize Asia's value chain by restructuring the region's talent pipeline."

Shanghai-based expats held the fourth spot in the global salary rankings, earning $202,200 on average per annum, behind Mumbai, San Francisco and Zurich, according to the HSBC survey of about 27,000 expats from more than 150 countries and regions. Higher salaries, in addition to overall better opportunities in the country where a shift toward services and consumption-oriented growth are expected to create huge opportunities for talent from across the globe, will surely boost the nation's attraction for such professionals.

With the economy also transitioning toward more balanced growth in geographic terms, it is likely that more Chinese cities will join Shanghai in luring overseas talent.

Inevitably, the country will attract top talent from other Asian countries including India, Singapore, Japan and South Korea. Such professionals might find themselves increasingly unable to resist the temptation of moving to China.

This doesn't mean a winner-takes-all outcome for China on the talent front. With Chinese companies setting up research and development (R&D) facilities in Asia, it is also the case that the country is helping to cultivate talent in local job markets.

For example, information and communications technology company Huawei announced in September that its R&D center in Bengaluru, India has become the largest among the company's overseas R&D facilities, and it apparently contributes to India's technology talent pool.

There is strong belief that over time, China's efforts in remaking Asia's talent pipeline will result in value chain reorganization that benefits all economies in the region.

The author is a reporter with the Global Times.


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