Well-known Chinese online financial news portal Sina Finance recently reported that, although rapid growth has made China the world’s second largest economy, the Chinese economy is suffering its lowest growth rate in over twenty years. Many key western investors have started cutting jobs in their Chinese operations. Examples are Hewlett-Packard (HP), International Business Machines (IBM), Johnson’s, and software services provider Bsquare Corp. According to the Chinese government’s official numbers, foreign investment grew 4.7 percent, while domestic investment growth reached 19.9 percent, as compated to the same period last year. Based on statistics provided by a large Chinese online job market vendor, overall job offers increased by 30 percent. However, at the same time, offers from western companies declined by 5 percent. Interviews of well-known headhunter companies also confirmed that business from international companies has shown a significant slow-down.
Source: Sina Finance, December 13, 2013