After three long years of being shut, China’s borders finally reopened in January 2023, signalling a much-awaited end to China’s zero-Covid policy. In fact, data from Chinese-owned international online travel agency Trip.com showed that flight bookings from Mainland China jumped 254% the day China announced it would reopen its borders. It also stated that the top five destinations tourists were flocking to were Singapore, South Korea, Hong Kong, Japan and Thailand.
Apart from announcing that they would again start issuing regular passports to Chinese nationals for foreign travel and family visits again, Shanghai has also begun renewing and extending visas for foreigners.
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Being a key player in the global economy, China’s reopening will bring about heap of benefits for markets that have been especially reliant on it. But what do China’s borders being open once more mean for the hiring front?
Access To A Wider Pool of Talent
Despite there being talks of recession, it is undeniable that there has been an intense talent for war in Hong Kong’s recruitment scene, largely due to an expat exodus and a surge in demand for workers in certain sectors such as retail and catering.
With China’s doors open coupled with Hong Kong’s recruitment initiatives to attract more talent, there will be more avenues to seek a greater range of potential hires. For example, Hong Kong’s Top Talent Pass which is aimed at bringing in high-earners and graduates from top universities around the world has become very popular among job seekers from Mainland China. It currently has a very promising acceptance rate – with about 200 applications being approved on a daily basis.
Hong Kong has also introduced other schemes such as the Technology Talent Admission Scheme (TechTAS), longer stays for employment visa holders and changes to the Immigration Arrangement for Non-local Graduates Visa (IANG Visa).
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South China Morning Post even reported that there has also been a surge in inquiries from citizens in Mainland China for Hong Kong’s Quality Migrant Admission Scheme, which is aimed at attracting highly skilled or talented persons to settle in Hong Kong.
A Bigger Capacity for More Workers As Industries Grow
As China reopens and retains its position as a top global exporter of goods, many industries such as retail sales, supply chain & logistics and e-commerce are expected to see tremendous growth in 2023.
As a result of that, these industries will also be able to flourish in Hong Kong – and with a greater need for manpower to keep up with the demand for goods and services, business will have better opportunities and a larger capacity to hire more talent.
At the same time, as these industries thrive, there will be more chances for new businesses to crop up – once again creating more positions to be filled in the long run.
Lower Impact of a Predicted Recession
Although a recession is projected to take place in 2023, China’s reopening is expected to reduce the impact of it, especially as it accounts for 30% of global growth. The resumption of China’s flow of goods and capital which has stalled for over 3 years will also play a large role a lessening the blows of a recession.
More availability of raw materials and lower logistic costs will also bring down the prices of goods and services, which will in turn improve consumer confidence and boost consumer spending.
The full reopening of China’s borders with Hong Kong and Macau as of February 6th 2023 is believed to bring about even more positive impacts as the months go – particularly on the hiring front. By mid-January 2023, a whopping 50,000 people were travelling both ways between China and Hong Kong on a daily basis, and this is only expected to increase as other Covid-19 restrictions – such as mandatory testing – have been dropped.
In search of outstanding talent for your company? Looking to recruit more for as you expand your business? As a leading Hong Kong recruitment marketing agency in, we’d love to help you find the right people to drive your organisation. Contact us today to learn more on about our recruitment services and we’ll be in touch!