China has gradually been opening up it’s economy for several years for foreigners especially over the last decade.
China has been receiving over USD 100bn annually in FDI for over the last decade.
China has successfully allowed investors into free zones since 2013, gradually liberalizing all rules for foreigners, from banking, to company ownership in freezones, to currency ownership etc.
China has allowed easy tourism.
23 May 2018: Inbound tourism still rising
While outbound tourism of China is breaking all records.
9 Jul 2018: China's Unlikely Weapon: Tourists
China has also allowed some foreign companies to own 100% of their enterprises. Tesla is just the first example.
However, today’s step of allowing residents of HK, Macau and Taiwan to work in China WITHOUT a work permit is a massive step towards more closer integration of the entire Asian region.
Taiwan has a population of 23.5 million.
HK has a population of 7.5 million
Macau has a population of 600k plus.
China has a population of 1.4bn but is in need of more workers.
Allowing people with similar and centuries old ethnicity with mainland China is a major step towards the call of Mother China and encouraging people to move to mainland China to support the Chinese economy while rising to the next level.
China has been doing that stealthily over the last 5 years but now it is more assertive because the demand for qualified workers is quite high.
China has been doing that stealthily over the last 5 years but now it is more assertive because the demand for qualified workers is quite high.
This is kind of similar to what US and UK did in the decades gone by when they allowed more immigrants and workers on visas to come to their countries since they were creating more jobs than they had people.
But no other country in history has ever allowed any foreign citizen who is not it's national to come and work within it's boundaries without applying for a work permit (or a security clearance)!
This is happening for the first time in history of any country and is a paradigm shift for China and it's even greater growth potential in the future.
This is happening for the first time in history of any country and is a paradigm shift for China and it's even greater growth potential in the future.
China continues to create more than 13-14m jobs per annum for which it needs more and more people every year. A few years back, they even changed to 2 child policy after 4 decades.
While countries like UK, USA, GCC, Singapore, Malaysia, Australia etc are shutting work permits due to massive unemployment within, while at such a bad time for all countries, China is the only nation in the world, which is opening up to foreigners to get jobs in China without a work permit.
This is a game changing decision and will make life easier (and cheaper) for thousands of employers and thousands of employees and allow closer integration.
4 Aug 2018: China work permit requirement for Hong Kong, Macau and Taiwan jobseekers on the mainland to be abolished
China already completed the world’s largest Pearl Delta sea-bridge linking mainland China, HK and Macau.
Sinagpore is really worried about it’s economy because about 75% of it’s citizens are of Chinese ethnicity and origin.
And they should be.
Because Mother China is beckoning it's old and current citizens from abroad to come work in the fastest and most robustly rising economy in the world whose best days are yet to come.
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