Despite a bleak labor market outlook in China, jobs for foreign workers are rising as companies explore new markets

The other offer is for a role in Europe in promoting new energy storage for a private company.

Liu, who studied Russian and international trade, has spent several years on business trips around the world promoting Chinese-made medical devices.

In China, the current labor market outlook is quite bleak; Against this background, many companies are downsizing their domestic workforce Economic downturnwhile a record high of 11.7 million new graduates are expected in 2024. Nevertheless, job vacancies for Chinese workers abroad are increasing.

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The reasons for the high youth unemployment rate in China

The reasons for the high youth unemployment rate in China

China's non-financial foreign direct investment rose 12.7 percent year-on-year to $115.7 billion in the first 11 months of 2023 Belt and Road Initiative rose by 20.7 percent to $28.6 billion compared to the previous year.

According to the Commerce Department, Chinese-funded companies abroad employed a total of 4.1 million people in 2022, more than half of them locals, not to mention government contractors who hire many Chinese workers abroad.

Several million Chinese people are currently working abroad Oil fieldsInfrastructure construction sites or factories invested by China.

“We are busy recruiting employees for branches in the European and American markets [2024]said Ray Luo, human resources manager at a Guangdong-based company focused on providing lithium-based battery technology solutions globally.

“We have now grown from dozens a few years ago to hundreds of global employees today to serve the global market,” she said.

According to a white paper published in August by consulting firm iiMedia, 29.5 percent of large companies surveyed had already established an offshore business presence, while 19.9 percent said they planned to move abroad.

Among the companies that have already invested abroad, 39.4 percent are medium-sized companies.

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Industry insiders say many small and medium-sized Chinese companies are being forced to expand abroad due to intense domestic competition, while at the same time there is a strong need to develop new markets for such sectors Lithium batteryphotovoltaics and automobile “Many companies related to industrial robots are also developing.” Overseas markets“As domestic demand becomes weak, suppliers are increasing too quickly and the only way to survive is to go overseas,” said Shenzhen-based James Yang, who was recently hired as a sales engineer to enter the European market this year .

According to a survey by Chinese staffing and employment provider 51job early last year, Chinese job seekers have shown great interest in working abroad. More than two thirds of respondents agreed with the opportunities offered abroad.

Respondents from the Internet, automotive, consumer and energy sectors were particularly interested in the foreign positions.

However, those who accept a job abroad face many challenges such as intercultural communication and business localization.

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China's economy experienced an upswing in the third quarter and exceeded forecasts

China's economy experienced an upswing in the third quarter and exceeded forecasts

Even abroad, not all places of work are the same. In the 51job survey, 38 percent of respondents said they would work in Europe, 16.7 percent would go to North America, 15.7 percent would go to Japan and Korea and 9.3 percent would go to Southeast Asia.

Although Russia is not a preferred destination, Liu was promised good compensation if he accepted the job.

The package offered by the state-owned company includes significant social security and housing fund contributions, a base salary of 14,000 yuan ($1,973) and a promising career path, as the company's Russian team is set to double or even triple this year.

“Project bonuses are also likely to be quite generous as one can see the upcoming significant investments in infrastructure in Russia, for example in the Far East,” he said.

Tom Wang, who previously worked as an engineer specializing in North Africa for a Shenzhen-based tech giant, noted that salaries and subsidies for such overseas job opportunities are now not as high as they were in pre-pandemic times.

However, working abroad is becoming an increasingly popular option as many middle-class families need stable cash flow to pay their mortgage payments and family bills.

“Competition in such a sector will soon become fierce,” he said.