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China's consulting sector continues to grow

Nov 18
Tags: China
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China's consulting sector continues to grow

Although the Chinese economy has reported a slowdown in growth in recent months, there is still strong demand for consulting services.

The latest Chinese Consulting Market report produced by Source Information Services found that the market for financial services consulting increased by 6.8 per cent in 2013.

Technology was the fastest-growing with a rate of 11.2 per cent over the past year, largely due to a focus on increased efficiency and back-office improvements, as well as the development of social media.

Data also revealed that there was strong demand within the healthcare, pharma and biotech sector - which is seen as a real growth area for the country's economy. Overall, this form of consulting saw a 14 per cent increase in 2013 and is predicted to grow by around ten per cent in 2014.

In recent years, a number of management consulting firms have expanded into the Chinese market due to the booming economy and the increased interest in client services.

However, there are some fears that any slowing down of the economy could encourage some firms to scale back operations rather than commit more resources to a potential uncertain future.

BJ Richards, senior editor at Source and author of the report explained: "The slowdown in economic growth is causing a sense of uncertainty and creating a cautious business environment as companies wait to see which way the economy will turn.

"But the fact remains that China is a $9.2 trillion (£5.8 trillion) economy with well over a billion people, so even if growth is less than hoped, consulting firms with global ambitions will have to decipher how to crack this huge market."

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