At a gathering around Christmas last year in New York, a Chinese official joined us who was outing going and loud. He first said that they are working for the people, a public servants and secondly he told everyone (all works on Wall Street) that they’ll have tough time finding a suitable job back home in China: because China has yet to develop such sophisticated financial market.
Yishi had just moved to a new job with a leading international Industrial supplies manufacturer’s China office in Shanghai six months ago. They just met their 10% work force reduction. The company’s salary raise for 2009 is 0% except China and three other nations. She isn’t sure how much raise she’ll get. She’d just fulfilled her trial period. The Chinese customers had already increased their orders at present, not sure it’s a hiccup or the economy has already picking up its speed.
Actually at the above mentioned gathering, few money managers also said so that people are usually slow in recognizing the recovery. One of them vividly recalled his experience during 1992 Asian financial crisis. When he went to visit Seoul, the then president cried openly but in reality, the recovery was well under way.
Anyway, Yishi said the cheap labor isn’t as cheap as people would like to believe. When she started out, fresh from Qinghua in 1985, her salary was only 46 yuan a month. Now a college grad commands 3,000 yuan.