Global talent flocking to work in China: Forbes report

The 2018 Global Talent Mobility and Wealth Management report predicts China will be a major exchange hub for global talent flow by 2022.
The 2018 Global Talent Mobility and Wealth Management report predicts China will be a major exchange hub for global talent flow by 2022.PHOTO: CHINA DAILY / ASIA NEWS NETWORK

BEIJING (CHINA DAILY/ASIA NEWS NETWORK) - China is becoming attractive to global talent on an unprecedented level due to the nation's economic size and vibrancy, according to a report released on Saturday (Oct 21) by US business magazine Forbes.

The 2018 Global Talent Mobility and Wealth Management report predicts the country will be a major exchange hub for global talent flow by 2022.

"By that time, China will be not only the largest export country of students studying abroad, but also a major destination for global talent to settle down," said Mr Russell Flannery, Shanghai bureau chief of Forbes China.

No country in history has met both criteria, he said, adding that although India used to have the largest number of students overseas, it has not been attractive enough to global talent, such as people from the United States.

"China's role as a hub in global talent mobility will further consolidate and it will help the country to integrate its educational resources globally. Meanwhile, it will provide more competitive job opportunities for overseas talent," Mr Flannery said.

It is the third year in a row the report has been released by Forbes and Wailian Overseas Consulting Group, a Shanghai-based investment and immigration company.

Mr Kenneth Jarrett, president of the American Chamber of Commerce in Shanghai, said he has witnessed a growing number of US workers coming to China over the past few years, as well as more Chinese students returning to China to set up their own businesses.

To him, this indicates China's increasing participation in the global economy.

The Chinese government has also attached greater importance to global talent, especially since the Organisation Department of the Communist Party of China Central Committee introduced the Recruitment Programme of Global Experts in late 2008.

By the end of last year, the country had attracted more than 6,000 high-level overseas workers under the programme.

At the same time, the return of Chinese talent who studied or worked overseas has been noticeably increasing. Experts in the science and technology sector have made up the majority of returned talent, prompted by the government's policies and rising domestic companies, according to the Forbes report.

"While other countries are tightening their immigration policies, China should seize the opportunity to come up with more open and friendly talent policies to attract world-class talent, said Dr Wang Huiyao, founder of the think tank Centre for China and Globalisation.