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

中國：在經濟增長持續下滑的環境中，就業機會環比顯著好轉

APAC Employment Monitor Q3 2016 Highlights:

亞太區2016第三季度就業監測重點：

• Permanent financial services jobs remained relatively steady, quarter-on-quarter, and showed a slight increase of 5% year-on-year, across the APAC region亞太區的長期金融服務職位環比保持穩定，同比出現5%的略微增長

• Professionals seeking new jobs increased by 27% quarter-on-quarter and by 45% year-on-year尋找新工作的專業人士季度環比增長27%，同比增長45%.

• Contracting job vacancies remained steady quarter-on-quarter, and showed slight decrease (3%) year-on-year專業性合同工職位需求環比保持穩定，同比略微下降3%

• Significant Brexit impact felt in Hong Kong, but for the most part, APAC region unscathed 香港顯著受到英國脫歐的影響，但亞太其他地區市場保持穩定

• Growing tensions in the South China Sea causing anxiety, but currently business as usual由于中國南海局勢引起的焦慮并未在就業市場上有所體現

• China: 14% increase in jobs, and 39% decrease in professionals seeking new roles, quarter-on-quarter. 中國就業市場：環比增長了14%的職位空缺但是尋找新工作的專業人士數量下滑了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.

英國脫歐，中東的動蕩局勢，中國南海的軍事力量展示以及市場的波動正在造成全球的不穩定性，雇主和求職者都不確定未來的前景。然而，第三季度的就業數據顯示亞太地區的金融服務就業市場整體彈性恢復。

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. 

第二季度的專業性合同工職位明顯減少，第三季度就業數據顯示就業市場穩定。 長期職位空缺環比增長3％，同比增長5％，總數增長至16,095。專業性空缺基本維持不變，環比增長1％，同比輕微減少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，盡管有如此多的不確定性，隨著金融機構持續發布職位空缺，就業市場仍保持未定的態勢。” 摹根麥肯立亞太地區首席運營官Richie Holliday說道。

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.

 尋找新工作的專業人士數量環比驟增27%，同比增長45%. 季節性因素、對金融科技發展的信心和對工作連續性的擔憂共同導致了峰值的出現。

Global events underlie mixed regional performance

全球重大事件對亞太就業市場的影響

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”.

英國脫歐的影響程度從香港的十分顯著到中國大陸的微不足道，以及其他大部分亞太地區并未受其影響。“雖然英國脫歐導致了不穩定的商業氛圍，但此前預計的悲觀前景并沒有出現。” Holliday說：“亞太地區的國家對英國脫歐有極大的興趣，但也在進行日常的交易。”

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.

隨著中國南海局勢日漸緊張，中國、朝鮮、俄羅斯、菲律賓和美國的軍事叫囂導致該地區局勢緊張。如果緊張程度逐步增強，全球貿易和市場穩定性將進一步受到影響，但目前商務業務照常。

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. 

日本的就業環境保持穩定，環比增長3%。加上第二季度的就業機會大幅增加20％，這兩個季度象征著日本金融服務業的夏季升幅。

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.

這次升幅在八月漸漸減弱，隨之而來的是夏季的溫和增長期。日本最大的資產管理機構包括三井住友和摩根大通（JP Morgan Chase），宣布從9月份開始停止招聘，因此在不久的將來數據不太可能再次飆升。

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，我們看到金融服務機構瑞穗金融，神鋼和達以安資產管理公司合并成為亞洲最大的資產管理公司，名為Asset Management One. 大企業合并之后是評估期，以確定要保留，重新分配或取消哪些職位。 Holliday說：“當三個機構合并時，關鍵職位的人員也將被一式三份地被分配新的工作內容，從而短期內導致一個實際的招聘凍結。”

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”.

第三季度求職者的數量極大的增長了，環比增長了133%。“日本的最后一筆金融服務獎金在第二季度公布，使得第三季度的候選人水準大增。” Holliday說道，“合并高發率激化了我們看到的極端浪潮，導致專業人士擔心工作保障。

Australia

澳大利亞

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.

澳大利亞自7月新財政年度開始以來的第一個整季度新增就業機會環比減少18％。 不過，第二季度的就業機會把抓住了財政年度沖刺的尾巴以填補職位，從而避免來年失去這些崗位。

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多年來，澳大利亞一直努力避免經濟衰退，但總體疲軟和政治波動使得前景堪憂。 澳大利亞新總理馬爾科姆·特恩布爾于7月宣誓就職，使他成為自2013年以來第四個擔任該職位的人。 特恩布爾的選舉險勝引起了對政治持續不穩定的關注。

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.

更令人擔心的是澳幣的優勢，雖然有助于尋求海外投資機構的回歸，但四大本土企業持續的主導地位使國際機構難以在澳大利亞市場站穩腳跟。

Mainland China

中國大陸

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.

在第二季度表現出換崗意向的人士在第三季度開始填補市場上的職位空缺，這導致了新增工作崗位環比上升14%，而尋找新機會的專業人士環比下降39%。 由于中國的金融部門在第一季度給出獎金，因此，大多數從業人員會在第二季度關注新的招聘機會。

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.

中國淘金熱的發出了衰退的信號，海外企業對在當地設立分部的熱情下降。 這一趨勢反映在中國銷售經理人指數的一份新報告中，該報告發現，中國經濟只增長了預計增長率的一半。

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.

大量高凈值人士的出現意味著金融服務正在將重心轉向國內收入來源，而非國際收入來源。 事實上，目前推動亞太地區金融技術投資的正是中國投資者。

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. 

不過，中國并沒有顯示出完全向內看的跡象。 它不受英國脫歐公投的影響，中國證券監督管理委員會正在與英國金融市場行為監管局協商一個雙邊金融服務的框架。

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. 

和中國大陸一樣，香港的專業人士也在第一季度收到了獎金，使得第三季度尋求新機會的專業人士人數下降了25%。同時市場上的職位空缺下降了9%，暗示著一個更令人不安的趨勢。

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.

許多歐洲企業都在香港設有分支機構，同時香港也擁有世界第六大證券交易所，因此特別容易受到全球波動的影響。 在整個地區的同行中，香港受到的英國脫歐打擊是最大的，一些專家擔心它會使GDP下降整整一個百分點。

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. 

另一個阻礙香港就業增長的因素是從傳統的轉變，導致金融服務機構需要重新評估更加合理的區域職能分布。 許多這些職能包括后勤類工作，會計和后臺功能，都在持續的轉移到更便宜的地點，如菲律賓，印度或中國大陸。

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. 

新加坡在就業機會和候選人數量上都經歷了一個漲幅，工作機會環比增加了35%尋找新工作的專業人士環比增加了58%。這次漲幅主要是受到了持續的金融科技浪潮的刺激。金融科技是新加坡金融服務就業市場的重要組成部分，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. 

政府最近關于限制組織可雇用的外國人的數量的立場敲響了警鐘，因為對支持金融技術浪潮的高素質從業者的需求很大。 一半的新加坡居民出生在國外，主要是在馬來西亞，印度或中國，但也有歐洲，澳大利亞和美國。

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.

雖然政府不希望清除現有的職位或驅逐目前在國內工作的人，但政府的新保護主義立場正在使外國專業人士擔心他們在新加坡的長期就業前景。 然而，在短期內，新加坡的優秀生活質量使其成為吸引外來人員的圣地，并且持續吸引著全球頂尖人才。

Conclusion

結語

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.

亞太經濟體總體上處于良好狀態。 該地區對求職者來說仍然是非常好的選擇。 招聘部門在許多市場中相對年輕，特別是在像中國這樣的地方。這里為想要創造他們理想的職業生涯的求職者們敞開大門卻不必遵照更結構化，更保守的市場。

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.

不像其他新興市場，比如俄羅斯和巴西曾預測會迎來經濟繁榮，亞太地區已經達到其經濟增長和財富創造的預期。即使是在這種大環境不穩定的階段，亞太的經濟和就業市場已有強大的基礎，因此我們仍然對其保持樂觀。目前亞太市場發展方向和增長不如以前那么清晰，隨著全球貿易風的轉變，不穩定性將逐步上升。