The job market in China is changing.
But it’s a tough job market to get into, as more and more companies are looking to hire locals and foreigners, according to a report by consultancy firm Avalere.
Avalere found that there are now about 1.4 million foreigners working in China and another 1.2 million who are working in the US.
The Chinese government is also recruiting from overseas.
That means that there is now an influx of foreigners, as well as local Chinese who are seeking employment in the tech sector.
While this means that tech companies are starting to look overseas for talent, the real issue is that Chinese companies are still finding it difficult to get the foreign talent they need, Avalere analyst Alex Wang told Reuters.
“I think we’re going to see a lot of Chinese companies go overseas,” Wang said.
The jobs boomIn addition to the big companies and the technology companies that have started to look abroad, there are also a growing number of smaller companies looking to take advantage of the growing number and diversity of foreign workers.
“The demand for tech-related jobs is really strong,” Wang added.
“Chinese companies are now looking for foreign talent, but they are also looking for candidates who are qualified and with the right skills,” Wang told CNBC.
In a 2016 report, Avalheim found that only 14 percent of tech jobs in China were filled by foreign workers in 2017, and about a quarter of these jobs were for highly-skilled technical and engineering roles.
“A lot of the opportunities that are being created are by local talent,” Wang continued.
“In 2017, there were 1.5 million foreign workers, and this is still growing.
The biggest growth is for technical jobs, where the foreign population is still very small.”
As Chinese companies seek to fill this demand, they have been hiring from abroad, and there are some big companies looking at this.
The leading tech companies, like Salesforce and Airbnb, have begun to hire from overseas, as have companies like Alibaba, Tencent, Tenpay, and Tencent Holdings, according the Avalere report.
As Wang told Business Insider, there is an influx from abroad in China, which makes it more difficult for local companies to find the foreign workers they need.
“But we’re seeing a lot more foreign-born workers than we’ve seen in the past, and that’s a trend that’s going to continue,” Wang explained.
This trend of attracting more foreign talent will likely continue, as the jobs market for tech continues to change.
China is now the world’s fastest-growing tech market.
According to Avalere, China’s gross domestic product is expected to grow by about 1 percent a year for the next five years, and the country will overtake the US as the world leader in technology in five years.