Pessimism can't cloud silver lining for economy

The central plank of the effort is to urge a wide application of Internet technologies to enhance business efficiency or create customer-friendly transaction models, aiming to redraw the country's commercial landscape. According to a report by iResearch, China's leading market research company focusing on information technology, 47 enterprises in the country now sport the tag of "unicorns", or unlisted Internet companies which are valued at no less than $1 billion. It's just a matter of time before the upcoming Internet giants begin generating millions of new jobs.

It's safe to say that China has already become a frontrunner in developing the online-to-offline model worldwide as the use of mobile technology in the country is ahead of any other market around the globe.

It's true that China is losing its competitive edge in labor-intensive manufacturing sectors to some emerging economies, but a wave of innovative technology companies could eventually offset the loss of jobs amid relocation of production facilities abroad. The Internet giants could usher in a complete chain of businesses, all the way from warehousing, delivery and after-sales services to payment. New jobs are created in tandem with the expansion of online business empires.

In fact, a transformation of the business model could lead to a temporary problem of talent mismatch that was reflected in the Hays Global Skills Index which awarded China a relatively high score of 4.9. There are no quick fixes in tandem with the transitional period when employees, job seekers and businesses are experiencing some changes never seen before anywhere.

We propose some recommendations for policymakers, employers and international organizations:

The first is to enable more and easier skilled migration to allow businesses to access workers with key skills. Second, it is necessary to ensure better training for employees and closer collaboration with schools, universities and technical colleges to deliver the skills' pipeline of the future. And finally, businesses must be encouraged to embrace technology and maximize the skills at their disposal.

The author is managing director of Hays in China.