Breaking news about the emergence of the Chinese market into the UK might not seem particularly relevant to online recruitment agencies at first glance. Sure, it’s hitting the headlines and bodes well for the economy, but where is the relevance to jobs and recruitment? RecruitmentBuzz has reported on the pending changes…as has the BBC, The Telegraph, Reuters…and we look at why.
What Exactly Is New With China?
On a recent visit to China by Britain’s Chancellor George Osborne and London Mayor Boris Johnson, the chancellor announced less stringent regulations that would come in to play for Chinese investment banks and regular banks that decided to set up in the UK, thus offering added incentive for the rich and flourishing Chinese economy to move over to Britain. Additionally The Telegraph wrote that the Chancellor is also expected to announce that Chinese banks will not need to hold as much capital in the UK to operate – all of this translating to a head start from Britain in the battle to win China and become its offshore hub for trading.
How Is This Relevant to Recruitment Agencies?
Each major newspaper reporting on this story mentions significant recruitment opportunities as a result spanning multiple industries. Based on the news stories, if China moves its market to the UK, jobs could result from the following:
• An increased demand for city workers and traders in the banking industry to accommodate the influx of Chinese banks
• More opportunities for foreign investors
• An increase in infrastructure opportunities in the UK as predicted by CityUK in Reuters
• More demand for translators that can communicate in English and Mandarin
• A need for more workers in the tourism industry to accommodate the influx in wealthy Chinese tourists as mentioned by the BBC
• A need for British workers to fulfil the requirements of Chinese talent searchers looking to recruit particular skill sets from foreign workers (presently these are in the management, technology and science arenas) (statistic taken from The Vancouver Sun)
So it looks like Britain is slightly ahead in the race to win Chinese business and economy and online recruitment agencies can expect busy times ahead if all goes well! If you work in any of the above sectors be sure to check out our corresponding jobs pages online: