The term expat is a shortened form of expatriate which refers to a person permanently or temporarily staying in a country other than his or her citizenship. The term expat is usually referred to skilled workers or professionals sent overseas by their employers. However, expatriate is also referred to retirees who have decided to live their rest of life outside their home country. In recent days, many organizations have started doing business overseas, and therefore they need to send expats abroad to join a strategic alliance or open a new venture with a foreign-based company. Mainly, nowadays multinational companies sent their employees abroad for one to five years on a temporary assignment. Organizations generally have distinct policies for employees who are on permanent transfers and on short term assignments.Employees selected for an expat position are given pre-departure training. The purpose of this training is to enhance the employees present work skills and adjust to the foreign working and living environment.Moreover, in recent days expats believe that China is the best place to learn new skills andalso a good destination to boost career quickly. These factors boost the expat market growth in China during the forecast period of 2017-2025.
Major multinational organizations present across the globe send their employees to China for training and to attend meetings and conferences which is expected to augment the China expatriates market. Moreover, rising number of foreign travellers moving to China for an adequate job and to learn new skills, further creates a huge growth opportunity for the expats market in this country.The increasing number of foreign workers such as engineers, IT specialist, doctors, knowledge workers and others in this countrycreates a positive impact on this market. Further down, the country has a favorable long-term impact which offers expatriate the opportunity to grasp new skills and reserve money for the future. The ability to expend less on transport cost and living cost, also contribute towards the growth of expatriates in China. In addition to this, high level of disposable income is another major factor to augment the growth of China expats market over the next eight years.
On the basis of expat type, the market has been segmented as students, individual workers, corporate transferees, retired persons and others.
However, factors such as lack of understanding the Chinese language, and homesickness are some of the primary factors which is assumed to hinder the growth of Europe expats market over the next eight years.
China Expats Market: By Expat Type