China: A significant upturn in available jobs quarter-on-quarter despite the continued ‘bottoming out’ of growth within the Chinese economy

中国：在经济增长持续下滑的环境中，就业机会环比显著好转

APAC Employment Monitor Q3 2016 Highlights:

亚太区2016第三季度就业监测重点：

• Permanent financial services jobs remained relatively steady, quarter-on-quarter, and showed a slight increase of 5% year-on-year, across the APAC region亚太区的长期金融服务职位环比保持稳定，同比出现5%的略微增长

• Professionals seeking new jobs increased by 27% quarter-on-quarter and by 45% year-on-year寻找新工作的专业人士季度环比增长27%，同比增长45%.

• Contracting job vacancies remained steady quarter-on-quarter, and showed slight decrease (3%) year-on-year专业性合同工职位需求环比保持稳定，同比略微下降3%

• Significant Brexit impact felt in Hong Kong, but for the most part, APAC region unscathed 香港显著受到英国脱欧的影响，但亚太其他地区市场保持稳定

• Growing tensions in the South China Sea causing anxiety, but currently business as usual由于中国南海局势引起的焦虑并未在就业市场上有所体现

• China: 14% increase in jobs, and 39% decrease in professionals seeking new roles, quarter-on-quarter. 中国就业市场：环比增长了14%的职位空缺但是寻找新工作的专业人士数量下滑了39%。

Brexit, instability in the Middle East, military muscle flexing in the South China Sea and market fluctuations are making for global uncertainty that has employers and jobseekers alike unsure of what lies ahead. Nevertheless, quarter three (Q3) employment data shows an overall resilient financial services employment market in the APAC region.

英国脱欧，中东的动荡局势，中国南海的军事力量展示以及市场的波动正在造成全球的不稳定性，雇主和求职者都不确定未来的前景。然而，第三季度的就业数据显示亚太地区的金融服务就业市场整体弹性恢复。

After a marked decline in both permanent and contracting jobs in Q2, Q3 employment numbers show a steadying of the jobs market. Permanent positions increased by 3% quarter-on-quarter and 5% year-on-year, rising to a total of 16,095. Contracting openings remained flat with a change of 1% quarter-on-quarter, decreasing only slightly by 3% year-on-year. 

第二季度的专业性合同工职位明显减少，第三季度就业数据显示就业市场稳定。 长期职位空缺环比增长3％，同比增长5％，总数增长至16,095。专业性空缺基本维持不变，环比增长1％，同比轻微减少3％。

“It’s encouraging that despite so much uncertainty, we’re seeing a relatively stable employment market, with financial institutions continuing to release jobs”, said Richie Holliday, Chief Operations Officer, Morgan McKinley Asia Pacific.

 “令人鼓舞的是，尽管有如此多的不确定性，随着金融机构持续发布职位空缺，就业市场仍保持未定的态势。” 摹根麦肯立亚太地区首席运营官Richie Holliday说道。

The number of professionals seeking new roles soared by 27% quarter-on-quarter and by 45% year-on-year. A combination of seasonal factors, confidence in fintech growth and concerns about job continuity all contributed to the spike.

 寻找新工作的专业人士数量环比骤增27%，同比增长45%. 季节性因素、对金融科技发展的信心和对工作连续性的担忧共同导致了峰值的出现。

Global events underlie mixed regional performance

全球重大事件对亚太就业市场的影响

Reverberations from Brexit ranged from significant in Hong Kong to paltry in China, but for the most part left the region unscathed. “While Brexit contributed to the erratic business climate, the doom and gloom that was predicted failed to materialise”, said Holliday. “APAC countries are following Brexit with extreme interest, but also moving on with day-to-day transactions”.

英国脱欧的影响程度从香港的十分显著到中国大陆的微不足道，以及其他大部分亚太地区并未受其影响。“虽然英国脱欧导致了不稳定的商业氛围，但此前预计的悲观前景并没有出现。” Holliday说：“亚太地区的国家对英国脱欧有极大的兴趣，但也在进行日常的交易。”

With tensions in the South China Sea growing; military bluster by China, North Korea, Russia, the Philippines and the United States is causing anxiety in the region. If tensions escalate, global trade and market stability may be further affected but, for now, business continues as usual.

随着中国南海局势日渐紧张，中国、朝鲜、俄罗斯、菲律宾和美国的军事叫嚣导致该地区局势紧张。如果紧张程度逐步增强，全球贸易和市场稳定性将进一步受到影响，但目前商务业务照常。

Japan

日本

Job flow in Japan remained steady, with a 3% quarter-on-quarter increase. Combined with a Q2 that saw a robust hike of 20% in jobs available, the two quarters indicate a summer uplift in financial services jobs in Japan. 

日本的就业环境保持稳定，环比增长3%。加上第二季度的就业机会大幅增加20％，这两个季度象征着日本金融服务业的夏季升幅。

The uplift waned in August as the summer lull heralded a period of more modest growth. With some of Japan’s largest asset management institutions, including Sumitomo Mitsui and JP Morgan Chase, announcing hiring freezes starting in September, figures are unlikely to spike again in the near future.

这次升幅在八月渐渐减弱，随之而来的是夏季的温和增长期。日本最大的资产管理机构包括三井住友和摩根大通（JP Morgan Chase），宣布从9月份开始停止招聘，因此在不久的将来数据不太可能再次飙升。

Q3 saw financial services institutions Mizuho, Shinko and Diam merge to create the largest asset management company in Asia, called Asset Management One Co. Big business mergers are followed by periods of assessment to determine which roles to retain, reallocate or eliminate. “When three institutions merge, you have key roles in triplicate, creating an effective hiring freeze in the short term”, said Holliday.

第三季度里，我们看到金融服务机构瑞穗金融，神钢和达以安资产管理公司合并成为亚洲最大的资产管理公司，名为Asset Management One. 大企业合并之后是评估期，以确定要保留，重新分配或取消哪些职位。 Holliday说：“当三个机构合并时，关键职位的人员也将被一式三份地被分配新的工作内容，从而短期内导致一个实际的招聘冻结。”

Q3 job seeker numbers were up an astronomical 133%, quarter-on-quarter. “The last of financial service bonuses in Japan are given out in Q2, making a Q3 surge in candidates standard”, said Holliday. “The extreme surge we’re seeing is exacerbated by the high rate of mergers taking place which is causing professionals to worry about the job security”.

第三季度求职者的数量极大的增长了，环比增长了133%。“日本的最后一笔金融服务奖金在第二季度公布，使得第三季度的候选人水准大增。” Holliday说道，“合并高发率激化了我们看到的极端浪潮，导致专业人士担心工作保障。

Australia

澳大利亚

Australia’s first full quarter since its new fiscal year began in July saw an 18% decrease in jobs available, quarter-on-quarter. Australia’s Q2 spike in jobs available absorbed the end of fiscal year sprint to fill positions, so as not to lose them in the following year.

澳大利亚自7月新财政年度开始以来的第一个整季度新增就业机会环比减少18％。 不过，第二季度的就业机会把抓住了财政年度冲刺的尾巴以填补职位，从而避免来年失去这些岗位。

Having avoided slipping into recession for over two decades, the Australian economy is ticking along, but a general malaise and political volatility make for a confused outlook. Australia’s new Prime Minister, Malcolm Turnbull was sworn in in July, making him the fourth person since 2013 to hold the position. Turnbull’s narrow election win raised concerns of continued political instability.

20多年来，澳大利亚一直努力避免经济衰退，但总体疲软和政治波动使得前景堪忧。 澳大利亚新总理马尔科姆·特恩布尔于7月宣誓就职，使他成为自2013年以来第四个担任该职位的人。 特恩布尔的选举险胜引起了对政治持续不稳定的关注。

Adding to the confused outlook is the Australian dollar’s strength, which is contributing to a revival in organisations looking offshore for investments, while the ongoing dominance of the Big Four domestic players make it difficult for international institutions to get a foothold on the national market.

更令人担心的是澳币的优势，虽然有助于寻求海外投资机构的回归，但四大本土企业持续的主导地位使国际机构难以在澳大利亚市场站稳脚跟。

Mainland China

中国大陆

Q3 was spent filling jobs with those who had registered their interest to move roles in Q2, contributing to the 14% increase in jobs, and 39% decrease in professionals seeking new roles, quarter-on-quarter. As the financial sector in China gives bonuses in Q1, it is standard to see the bulk of professionals looking for a new challenge register with recruiters in Q2.

在第二季度表现出换岗意向的人士在第三季度开始填补市场上的职位空缺，这导致了新增工作岗位环比上升14%，而寻找新机会的专业人士环比下降39%。 由于中国的金融部门在第一季度给出奖金，因此，大多数从业人员会在第二季度关注新的招聘机会。

Signalling an ebb in the Chinese gold rush, overseas businesses are showing less enthusiasm in setting up shop there. This trend is reflected in a new report by the China Sales Manager Index which found that the Chinese economy is growing at only half of the projected rate of growth.

中国淘金热的发出了衰退的信号，海外企业对在当地设立分部的热情下降。 这一趋势反映在中国销售经理人指数的一份新报告中，该报告发现，中国经济只增长了预计增长率的一半。

The creation of a large amount of high net worth individuals means financial services are shifting their focus to domestic revenue sources, as opposed to international ones. Indeed, it is Chinese investors who are driving the fintech investments in the APAC region.

大量高净值人士的出现意味着金融服务正在将重心转向国内收入来源，而非国际收入来源。 事实上，目前推动亚太地区金融技术投资的正是中国投资者。

China, however, is not showing signs of looking exclusively inward. It was unaffected by the Brexit vote, and the China Securities Regulatory Commission is in negotiations for a bi-national financial services framework with Britain’s Financial Conduct Authority. 

不过，中国并没有显示出完全向内看的迹象。 它不受英国脱欧公投的影响，中国证券监督管理委员会正在与英国金融市场行为监管局协商一个双边金融服务的框架。

Hong Kong

香港

As with Mainland China, professionals in Hong Kong received their bonuses in Q1, making the Q3 25% decrease in professionals normal. The 9% decrease in jobs available is indicative of a more disconcerting trend. 

和中国大陆一样，香港的专业人士也在第一季度收到了奖金，使得第三季度寻求新机会的专业人士人数下降了25%。同时市场上的职位空缺下降了9%，暗示着一个更令人不安的趋势。

Home to a number of European businesses and the sixth largest stock exchange in the world, Hong Kong is particularly susceptible to global volatility. Of its regional counterparts, Hong Kong was dealt the greatest blow by Brexit, with some experts fearing it will lower GDP by a full percentage point.

许多欧洲企业都在香港设有分支机构，同时香港也拥有世界第六大证券交易所，因此特别容易受到全球波动的影响。 在整个地区的同行中，香港受到的英国脱欧打击是最大的，一些专家担心它会使GDP下降整整一个百分点。

Another factor stalling job growth in Hong Kong is the shift from traditional, location-specific work which is causing financial services institutions to reevaluate positions. Many of those roles, including support services, accounting and back office functions continue to move to more affordable locations such as the Philippines, India or Mainland China. 

另一个阻碍香港就业增长的因素是从传统的转变，导致金融服务机构需要重新评估更加合理的区域职能分布。 许多这些职能包括后勤类工作，会计和后台功能，都在持续的转移到更便宜的地点，如菲律宾，印度或中国大陆。

Singapore

新加坡

Singapore experienced an uplift in both jobs and candidates in Q3. Jobs available increased by 35% and professionals seeking new opportunities by 58%, quarter-on-quarter. The uplift is fuelled primarily by the continuing fintech surge. Fintech is an essential part of Singapore’s financial services employment market, comprising 50% of revenue in 2016. 

新加坡在就业机会和候选人数量上都经历了一个涨幅，工作机会环比增加了35%寻找新工作的专业人士环比增加了58%。这次涨幅主要是受到了持续的金融科技浪潮的刺激。金融科技是新加坡金融服务就业市场的重要组成部分，占2016年收入的50％。

The government’s recent stance on limiting the amount of foreign nationals that organisations can hire has raised alarm bells, as the demand for highly qualified practitioners to support the fintech surge is high. Half of Singapore residents were born abroad, primarily in Malaysia, India or China, but also in Europe, Australia and the United States. 

政府最近关于限制组织可雇用的外国人的数量的立场敲响了警钟，因为对支持金融技术浪潮的高素质从业者的需求很大。 一半的新加坡居民出生在国外，主要是在马来西亚，印度或中国，但也有欧洲，澳大利亚和美国。

Though the government is not expected to eliminate existing jobs or expel people currently working in the country, the government’s new, protectionist stance is causing foreign professionals to worry about about their long term job prospects in Singapore. In the short term, however, Singapore’s excellent quality of life keeps it an attractive place to live and continues to attract top talent globally.

虽然政府不希望清除现有的职位或驱逐目前在国内工作的人，但政府的新保护主义立场正在使外国专业人士担心他们在新加坡的长期就业前景。 然而，在短期内，新加坡的优秀生活质量使其成为吸引外来人员的圣地，并且持续吸引着全球顶尖人才。

Conclusion

结语

The APAC economies are, by and large, in good shape. The region remains one of the better places in which to be a job seeker. The recruitment sector is relatively young in many of the markets, particularly in places like China, leaving the door wide open for job seekers to forge their careers how they want to, without having to conform to more structured, conservative markets.

亚太经济体总体上处于良好状态。 该地区对求职者来说仍然是非常好的选择。 招聘部门在许多市场中相对年轻，特别是在像中国这样的地方。这里为想要创造他们理想的职业生涯的求职者们敞开大门却不必遵照更结构化，更保守的市场。

Unlike other emerging markets like Russia and Brazil which were expected to boom, the APAC region has lived up to its promise of economic growth and wealth creation. Enthusiasm to chase the proverbial dragon remains strong, even in these volatile times. What has shifted is that the direction and growth is less clear than it was before, and the instability is making for murkier waters as global trade winds shift.

不像其他新兴市场，比如俄罗斯和巴西曾预测会迎来经济繁荣，亚太地区已经达到其经济增长和财富创造的预期。即使是在这种大环境不稳定的阶段，亚太的经济和就业市场已有强大的基础，因此我们仍然对其保持乐观。目前亚太市场发展方向和增长不如以前那么清晰，随着全球贸易风的转变，不稳定性将逐步上升。