From the Financial Times:
Wage inflation in China’s financial and professional services sector has climbed to 17 per cent and pushed local employers to cut their hiring plans, according to Manpower, the temporary employment group.
Jeff Joerres, Manpower’s chairman and chief executive, said sought-after staff in the affected sectors were staying as little as 60 days before finding new employers with better wages and conditions.
Higher wage rates and a shortage of middle management have pushed companies to trim their hiring plans for the third quarter, said Manpower, whose closely watched global staffing survey was expanded last year to include China.[Full Text]
On how China’s rising wage effect the international trade, see “China called exporter of inflation” from MarketWatch.