According to one of the major HR consultancies, China’s economic outlook seems promising for the upcoming period.
Out of 130 companies more than 75 percent consider that the Chinese market will undergo a significant growth, which is a noteworthy increase from 40 percent as of last year. Almost 40 percent of the participants think that global coordination at their companies has vital importance for future success. This view has increased by 25 percent since last year.
The survey also showed that the HR market has undergone an economic recovery, due to the significant growth figures in new industries, deriving from the emergence of young employees and intense global expansion of Chinese firms.
There has been a significant increase in innovation regarding services and products in the Service and Healthcare sector. Chinese companies have put great emphasis on investing in new technologies and multi-cultural management systems overseas.
The Manufacturing sector has gone through a significant growth in the last 13 months. China’s Manufacturing Purchasing Managers’ index (PMI) underpins the positive trend in this sector, (51.4 in July, 51.7 in August, ) refer by a reading above 50 indicates expansion, while a reading below reflects contraction.
According to NBS’s senior statistician, this is the second highest increase this year. It’s due to increased domestic demand and expansion of manufacturing in the consumer goods and high-tech sector. Sub-indices for production and new orders showed a steady growth in August (54.1 and 53.1) compared to July (53.2 and 52.8). There has been an improvement in the import sub-index which increased from 51.1 in July to 51.4 in August. The equipment manufacturing PMI figure showed a higher increase (52.8 in August) than the headline manufacturing index (51.7 in August). According to the survey nonmanufacturing sector’s expansion was slower in August (53.4) then in July (54.5).