• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Cornerstone International Group

Executive Search Firm

About Cornerstone

About Cornerstone

The Cornerstone Edge

AESC

Leadership Team

Diversity, Equity, & Inclusion

Become a Partner

Play Video

Get to know Cornerstone

Retained Executive Search

Discover

Retained Executive Search

Assessments

Specializations

Consumer / FMCG

Industrial

Non-Profit

Finance & Private Equity

Life Science & Health

More...

Find an Office

North America

Latin America

Europe / Middle East

Asia

 Find an Office

 Find a Search Consultant

Coaching / Leadership Dev

Discover

Executive Coaching Services

Leadership Development

Board & CEO Advisory Services

Assessments

Find a Coach

News / Blog

News & Blog Posts

National Outlooks

Videos

Surveys

Press Releases

Popular Blog Topics

COVID-19

diversity

leadership development

Healthcare

executive search

executive coaching

women in business

Life Science

neuroscience

vitality quotient

Latest Blog Post

Asia’s Fast-Growing EV Market Will Disrupt Automotive Industry Recruitment

June 2, 2022
Contact
Blog China Enters A New Year With A New Normal
Jan 26

China Enters A New Year With A New Normal

Cornerstone International Group

 This weekend, the population of China and millions of ex-pats around the world will begin two weeks of celebrating the Chinese New Year.  Following the 12-year cycle of the Chinese Zodiac, this will be the return of the Year of the Rooster, but to a greatly different China this time.

China is entering a crucial stage of economic transformation, from old model of investment, export and low-end manufacturing focus of 12 years ago into its new model driven by consumption and services sectors.  This is supported by modest investment, innovative and green manufacturing guided by the 13th Five Year Plan (2016-2020).

Under the “New Normal” environment, China is confronted with declining growth, rising costs, an aging society, increasing competition and more demanding customers. Surveys conducted by both American and European chambers echo a pessimistic outlook including regulatory issues and lack of right talents.

2017 Chinese New Year of the Rooster

Pessimistic here is relative.  IMF expects China’s GDP growth to soften from 6.6% to 6.5% in 2017, but that is two times faster than world average. The incremental GDP of USD 800 billion, based upon GDP size of USD 12 trillion, is equivalent to an entire Netherlands.

Private consumption will be the key growth driver in 2017, expected to contribute more than half of economy growth. Higher GDP per capita forecast at USD 8,929, coupled with growing momentum from urban and middle classes, the millennial generation and online commerce are expected to fuel domestic consumption growth at around 10%.

Investment meanwhile, is expected to grow between 8% to 9% and continues to be an important contributor in 2017. The government has stepped up efforts to curb a property bubble partly fueled by excessive money supply since end of 2016. Against a backdrop of sluggish global export and trade protectionism sentiment, exports continue to face enormous uncertainties in 2017.

Energy, resource and manufacturing sectors with excessive capacities are expected to continue consolidation in 2017. Increasing car demand from lower tier cities coupled with extended government subsidies are likely to stimulate automotive sales. Healthcare reformation and consistent government spending coupled with active mobile healthcare innovation will drive an active healthcare sector in 2017.

Supported by over 700 million internet users, with over 90% surfing with smart phones, China is already the world’s largest ecommerce market. Ecommerce retail sales are expected to reach USD 1.9 trillion by 2019, four times larger than United States. Homegrown internet and technology companies including Alibaba, Huawei, Tencent and Baidu are actively embarking into leading- edge initiatives including unmanned navigation, robotic technology and artificial intelligence.

The robust digital economy has partly offset the weakening brick and mortal retailers, traditional consumer product and manufacturing sectors, which were adversely affected by the overall weaker economy as well as digital disruptors.

On top of increasing demand of talents from the fast growth sectors especially internet, Ecommerce and services sectors, we will also see demand for talents with the right leadership capability to drive business growth in a harder and maturing business environment.

Cornerstone’s global presence has a strong retained executive search capability in China.
Please reach out if we can assist in talent placement.  

16
SHARES
LinkedinFacebookTweetShareEmailPrint

Filed Under: Blog Tagged With: China, economic growth

Reader Interactions

Leave a Reply Cancel reply

Primary Sidebar

  • News
    • Blog
    • National Outlooks
    • Press Releases
    • Newsletters
    • Surveys
    • Articles of Interest
    • Whitepapers
    • Videos

Get Latest Posts and Stay Informed

Our thought leaders share their industry knowledge and expertise.
  • This field is for validation purposes and should be left unchanged.

Recent News

  • PRESS RELEASE: Cornerstone International Group Recognized as a Global Leader in Executive Talent Search June 21, 2022
  • The Cornerstone Eagle – June 2022 – Impactful Leadership June 17, 2022
  • Asia’s Fast-Growing EV Market Will Disrupt Automotive Industry Recruitment June 2, 2022

News / Blog Archives

Footer

Areas of Specialization

  • by Industry
    • Life Science & Health
    • Financial Services PE & Family Office
    • Industrial
    • Consumer
    • Technology
    • Private Equity
    • Infrastructure & EPC
  • by Function
    • Board Directors & CEO
    • Human Resources
    • Finance and Legal
    • Agile Talent
    • Sales & Marketing
    • Operations & Supply Chain

Quick Browse

  • Find an Office
  • Find a Consultant
  • Find a Coach

Services

  • Retained Executive Search
  • Board & CEO Advisory
  • Executive Coaching

About Us

  • About Cornerstone
  • The Cornerstone Edge
  • Join Cornerstone

Switch Language

Connect with Cornerstone

Copyright © 2022 · Cornerstone International Group · Sitemap

Website Development by LimeCuda

Member-Only Portal