China is attractive for new businesses because of its growing manufacturing and financial services sectors as well as a growing focus on privatization. Additionally, there is safety in the fact that the national government has no debt. In terms of opportunities for growth in the corporate training space, let’s take a look at the demographics of China’s workforce.
Transitioning the older workforce to higher-tech jobs
Despite a population of over one billion, the number of people in China’s workforce has been shrinking since 2010. Not only is the workforce shrinking, but also the average age of the workforce is 35 years. Having an older workforce means that there will be a greater demand for technological skills training and education.
A dwindling interest in factory labor
Although China has historically had a very large factory labor workforce, a recent International Business Times article reports that few young Chinese are interested in factory jobs. With the rise in automation and the dwindling interest in factory jobs, the Chinese economy is undergoing a major shift away from factory labor. Older factory laborers, who are not technically skilled, will need training to keep their skills relevant as the job market moves towards the technical and service sectors.
China has taken major steps to integrate technology into primary and secondary school education. As a result, young graduates are comfortable and well versed in current media and technologies. This means that the younger workforce will be better prepared for high-tech jobs as well as receiving job skills training in an eLearning format. To read more about technology in Chinese schools, check out the following article.
The current landscape of China’s economy and workforce make it ripe for expansion of the corporate training market. There will be plenty of opportunities to provide job skills training to the workforce in all major job sectors.