All expats have their own personal priorities when looking to relocate. Some are hoping for a better quality of life for themselves and their family, others want increased job satisfaction; there are also a number of expats who are looking for higher earnings. For any expat falling into the latter category, they might want to explore the opportunities on offer in China's growing economy.
China might not be the first country that springs to mind as an expat heaven, but according to the HSBC Expat Explorer survey, it is top of the list of countries with the highest economic desirability. So exactly why is China currently proving to be such a magnet for British expats?
One reason is that China is fast becoming recognised as an Emerging and Growth Leading Economy (EAGLE), a grouping identified by multinational banking group BBVA's research division. Expats are moving to China to take advantage of the better job prospects and higher pay packages. According to the Expat Explorer survey, 53% of expats relocate to China for exactly that reason, compared with the worldwide average of 38%. Meanwhile, 85% of expats living in China confirmed that they are happy with the general state of the economy in the country, with more than half (52%) saying they envisage China's economic growth continuing. So it looks like China's economic draw isn't going to dwindle any time soon.
In addition, the survey also revealed China to be the number one destination for high-earning expats. Data from the survey showed that nearly one in four (23%) expats living and working in China earn more than £190,000. This is in contrast with the average of 5% earning similar amounts in other expat hotspots around the world.
The survey took into account a number of factors that affect the expat economic experience; these included household income, disposable income, as well as the level of satisfaction with the countries' economies. But what about expats who are looking for more than just monetary benefits?
The economic supremacy of China may appeal to many expats, but for others their focus lies elsewhere. There are a number of factors that play a role in the choice of destination for expats and there are some countries that are more typically associated with a better work / life balance. The more traditional expat destinations such as Australia, New Zealand and Spain do tend to leave China behind when it comes to a broader quality of life survey. China ranks number 26 in the survey's expat experience table, far below the top three of New Zealand, Bahrain and Singapore.
However, the fact remains that the more you earn, the more active your social life will be. Higher-earning expats in China are able to take full advantage of everything the Chinese expat life can offer. With a greater personal disposable income, they are able to eat out at restaurants, socialise and enjoy local culture and entertainment far more than they would do back in the UK.
If you are considering moving to China, Cadogan Tate will assist you every step of the way – from your first enquiry to unpacking at your new home, we are here to help and advise you. For more details about Cadogan Tate’s specialist international removals services from London, click here.
Information correct at time of publication.