With climbing college enrollment and a R&D staff exceeding 1.5 million, the nation is reforming its higher-education system, hiring practices and immigration regulations; encouraging cooperation with industry; developing new majors in the sciences in areas like alternative energies and new-materials engineering; and offering incentives for Chinese students who studied overseas to return home, report researchers Xu Liyan and Qiu Jing, Samsung Economic Research Institute.
“Plans are underway for 1200 education facilities – or ‘talent incubators’ – for training technicians to be built in major cities by 2020,” they report. The government is also funding initiatives to develop leaders in philosophy, social science, publishing, culture, the arts and heritage protection.
The goal is to transform Chinese firms into multinationals ranking among the world’s top companies and develop soft power. China and other nations must use care not to create an excess supply of talent amid a shortage of jobs, contributing to a lifetime of disappointment. – YaleGlobal
Why Foreign Firms Struggle to Break Into China
In 2017, an analysis by Goldman Sachs found that while S&P 500 companies earned 30 percent of their revenues outside of the United States, China accounted for only 1 percent of their revenues.
How China is using tourists to realise its geopolitical goals
Over the last two decades, the number of Chinese overseas travellers rose by over 25 times from 5.3 million in 1997 to 130 million in 2017, contributing an estimated US$250 billion to overseas economies
How China’s role in global finance has changed radically
Within the space of just 15 years, China has gone from being the largest net lender to the world to now being a net borrower. The implications for the global economy, and China’s role within that economy, could be significant.
‘If you owe the bank $1 million, you have a problem. But if you owe the bank $1 trillion, then the bank has a problem’. It’s an old gag, but it underscores an important point: the size of your borrowing or lending can have profound implications for your role in the world.(more…)
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