Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
With a population of over 1.3 billion China is home to a deep pool of human capital, but an intensifying war for talent between multinationals could threaten their growth potential in the world's number two economy.
Faced with slowing economic growth and mounting competition from domestic firms, there's a growing need for experienced managers and leaders. However, the pool of candidates with the relevant skill sets is shallow.
"A few years back, it was easier for a leader of a multinational company to come into China and grow a business; now they are facing very strong and fierce local competition. MNCs are looking for leadership that can manage this environment and reinvigorate growth," George Huang, partner-in-charge at executive search firm Heidrick & Struggles' Beijing office and Linda Zhang, partner-in-charge of the Shanghai office, told CNBC.
"However, there's a shortage of talent on that front. It's hard to find a general manager that is acquainted with the local environment and has sufficient experience running a business from end-to-end, which requires a deep understanding of each component of the business from manufacturing to sales to finance to R&D," they continued.
One reason for the dearth of experienced managers is that mid-to-senior-level managers in China are relatively young, compared with their Western counterparts.
"It's a very young market; employees get promoted and become managers very fast. But these new managers don't possess leadership skills," explained Natalia Shuman, senior vice president and general manager, EMEA and APAC regions at Kelly Services.
'Sea turtles' wanted
A decade ago, it was fairly common for multinationals to send a few expatriates to head their China operations. But as companies look to localize, there's an increasing preference for Chinese nationals.
"The vast majority are looking for someone Chinese who is bilingual, can bridge cultural gaps and engender trust," said Richard King, Managing Director, North & Eastern China at PageGroup.
"Sea turtles" – a nickname for Chinese nationals that have spent a few years abroad studying or working, and return as high-skilled talent – are the Holy Grail for international companies, he said.
China sends more students abroad than any country in the world, many of whom continue to work in the country where they study. From 1978 to the end of 2012, more than 2.6 million Chinese studied outside the country, according to official data.
Move to a tier-2 city? No thanks
The shortage of talent is most acute in second and third-tier cities, say recruiters, the next frontier of growth for multinationals.
"Try to convince a bright, talented person to go to second tier or third-tier city," said King.
China's cities are divided into tier categories that reflect their size both geographically and in terms of income. Shanghai and Beijing are grouped in the first tier.
It's also hard to get young graduates into the interior regions of China, noted Shuman.
"We're facing mobility problems. Most prestigious universities are in the large cities, but graduates from such institutions aren't ready to leave," she said.
Part of this is due to the effects the one-child policy introduced in 1979 and relaxed in 2013, she said. Family units are small and many young Chinese prefer remain close to their parents.
"This imbalance in supply and demand requires attention because a lot of MNCs that go into china might not expect this kind of situation," she added.
To be sure, not all multinationals are struggling in the search for talent.
Nandu Nandkishore, who heads Nestlé's Asia business, says the company's strong focus on sourcing and fostering graduate-level talent – many of which move on to become managers – has helped cope with the skills-mismatch in the labor market.
Others are taking matters into their own hands.
U.S. hotel chain Marriott, for instance, has linked up with a number of hospitality schools in China to be part of the training process.
"This is a relatively new industry for China. We've got to grow our associates; they are not just going to walk in. That's why we are a part of the education process," said Simon Cooper, president & managing director for Asia Pacific for Marriott.
"We've connected with 24 vocational schools and universities in China where we have Marriott classrooms. In addition, the Marriott family foundation has put $6 million into an initiative for five years to upgrade hospitality education across the country," he said.