Economy
If your international adventure includes plans to work in China, its strong economic growth stands out in a global environment of slow growth or recession. The World Bank (2012) ranked the country’s nearly US$8.3 trillion Gross Domestic Product (GDP) second globally, behind the U.S. China ranked seventh out of 142 countries on the Legatum Institute Economy Sub-Index (2013).
The country has grown rapidly in the past three decades as it has shifted from a centrally-planned economy to a market-based economy. In 2010, China became the world’s second largest economy and number one in exports. China is also the world leader in both gross value of industrial and agricultural output. China’s powerful export shipments increased in value to nearly $2.1 trillion in 2012. The country’s major export partners include the United States, Japan, South Korea and Germany.
China’s leaders anticipate GDP growth in 2013 of around 7.5 percent, down slightly from the country’s historic GDP target growth of 8 percent. To accomplish growth in a sagging global economy, the government is working on a Five-Year Plan to continue economic reforms and stimulate the economy. This plan stems from the need to increase domestic consumption in order to make the economy less dependent on exports in the future. The government also plans to create more jobs through infrastructure improvements, worker training and increased manufacturing capability.
Rapid growth, however, has created challenges, including issues related to an aging population, internal migration of labor, high inequality, rapid urbanization, environmental sustainability issues and external imbalances.
The inflation rate estimate for 2013 is around 3.5 percent, higher than the 2.6 percent rate in 2012. China’s unemployment is about 4.1 percent.
Finding a Job
With a strong economy and low unemployment, China’s job market presents an opportunity for those with well-developed language skills. The job market, however, is highly competitive, even for people with higher education, credentials, language skills and experience. One of the most common jobs for Americans in China is teaching English as a second language.
Before you can work in China, you must have a Resident Visa and an Employment Visa. Please see requirements for both under our Move - Immigration section.
Job search strategies you can use in China are similar to the U.S. Industry associations are an excellent way to find out about international opportunities in your field. Check the job listings in local newspapers as well as craigslist for individual cities. The craigslist link below allows you to search 13 cities throughout the country. Be sure to send unsolicited applications to targeted employers and contact temporary work or staffing agencies online or onsite. Most importantly, check out local online forums and bulletin boards in the area you have chosen. Locals can be a great source of opportunities.
To get you started, here is a list of websites that may help you in your job search:
Jobs in China
Job Search China
Starting a Business
China may have a large and growing economy, but if you want to start a business there, you may want to head for Hong Kong first. Hong Kong is a Special Administrative Region (SAR) of the People’s Republic of China. Years of British colonial rule created business-friendly conditions in Hong Kong. The World Bank in 2012 ranked China ninety-first out of 185 countries on its Ease of Doing Business Index, but ranked Hong Kong second. On the Ease of Starting a Business Index, China ranked one hundred fifty-first. Hong Kong was ranked sixth globally. China ranked sixty-eighth out of 142 countries on the Legatum Institute Entrepreneurship and Opportunity Sub-Index (2013). Legatum also reported that business start-up costs in China as a percent of Gross National Income was a very low 3.5 percent versus the global average of 36.3 percent.
For an excellent, detailed overview of business opportunities in China, read the Country Commercial Guide for China (PDF), which is prepared annually at U.S. embassies through the combined efforts of several U.S. government agencies. The guide presents a comprehensive analysis of China’s commercial environment from economic, political and market analyses.
To help you start a business in China, the World Bank offers this step-by-step China business start-up process. We also have included Hong Kong, given its stronger new business environment: Hong Kong business start-up process. The World Bank also provides a more detailed report on doing business in China (PDF).
Additionally, Hong Kong has a special website for entrepreneurs to help you create your new business.