For China, the first gold rush was in early to mid 90s when tons of expats were setting low-cost supply chain hubs. From towels to tractors, everything was scaling up and foreigners had a big hand in it.

The second gold rush was right after the dot com bust. China had already made a mark on the global map and everyone was excited about China but had little clue about what exactly it was. In this phase, VC/PE/HF made a killing. They took average companies public at Nasdaq and even though the shares plummeted later on, it was an easy sell all throughout.

During these two phases, the salaries for expats gradually started losing steam, multinationals started localizing and things werent rosier any more.

What is or will happen now is that China will evolve from a low cost global hub to a big domestic market which can help multinationals sustain their global margins. Its already taking shape in Chemicals, Automobiles etc. and should remain distinct through next 8-10 years. But jobs will come through only for really qualified expats with hands on experience.

The thing with recessions is that you can survive provided you are brutally honest with yourself. Dont kid yourself about becoming a banker over night. Know your strengths, realign your expectations and you should do fine.

Peace out !