50 drivers of change in the public sector: China
China's public sector faces challenges from its ageing population but technology will be the biggest opportunity
China’s particular challenges include (but are not limited to) its sensitivity to the global economy; managing demographics; its planned substantial infrastructure investment; responding to global climate change and resource constraints; and its exploitation of technologies and big data.
All these developments will have an impact on the future of the public sector in China, and the role of finance professionals in the sector.
Opportunities for China
Technology developments are going to have a significant impact on the overall economy and the state sector, and will influence heavily the role of professional accountants.
The availability of good data in the public sector that can be exploited effectively to drive better service delivery and information, as well as challenges for the governance and control over use of the data.
Significant growth of China’s labour productivity by 2025 can be expected to come from digitalisation of the workplace, particularly as new business models and service delivery models evolve.
"With the advancement of information technology, the ERP [enterprise resource planning] systems have been integrated into our accounting system, which simplifies the accounting work. Now the focus needs to be management and the change of the finance staff’s duties and functions."China round table participant
Top five drivers of change
Quality and availability of the global talent pool
The level of economic growth
Business leaders' responsiveness to change and disruption
Speed and duration of business cycles
Stability of the global economic infrastructure