The biggest reason for the fading expat job market is the rise of the 'sea turtles' - Mainland Chinese who have studied overseas, and are now returning to China to work. As the number of Chinese who study overseas swell, the ranks of the 'sea turtles' become more and more numerous.
Frankly, there appears to be little reason why any company (international or foreign) would rather hire a recent Western grad rather than a 'sea turtle'. Sea turtles are obviously fluent in both Chinese and English, have a fancy Western degree, obviously understand Chinese culture very well, and are willing to work very hard for a local salary. What does a recent Western grad have to offer?
That's why a quick scan of the echina jobs board reveals heaps upon heaps of English teaching jobs, and precious little else - besides the odd modelling gig or low-paid billingual secretarial job. The days of easy money are long gone, so unless you really want to teach English or are lucky enough to be send to China on an expat package, its not really worth coming here. The only exception is if you want to study or do a short-term internship in China in hopes of CV padding.
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