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China’s Blockchain Tech Industry: 37% Drop in Average Employee Salary in 2019

With President Xi Jinping’s approval for blockchain technology integration to boost China’s economic and technological advancement in 2019, the blockchain industry has experienced a boom and the need for blockchain talent and skills are paramount, now more than ever. In this landscape, however, China reported a 37% drop in employee salary from 2018 to 2019.

According to the 2020 China Blockchain Professional Development Report released on March 19, there is an imbalance in the fast-paced blockchain industry as there are plenty of individuals looking for jobs, but very few of them actually have the necessary skills required to fit the needs of the job they applied for. 

There is a trend of job seekers entering the industry blindly as they merely ride on the current hype for blockchain nationwide. However, the skills they possess are weak or irrelevant, leading to a severe shortage of talent in the field. Professionals in the industry are mostly in the 25-35 year old age group, with a 6:1 male to female gender ratio.

The report highlights that as the predicted value of the global blockchain industry in 2022 reaches $139.2 billion USD, the value of the blockchain industry in China will likely hit a high of $14.21 billion USD. China recognises the need for greater education to meet the demand for blockchain expertise in the next three years, and some educational institutions in China are already offering undergraduate courses for students to specialize in blockchain early.

You may also want to read: Binance CEO: Bitcoin Did Not Drop 60% Because of COVID19

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