Talent crunch plagues Chinese firms

Finding talented employees has become a major stumbling block for private Chinese firms keen on broadening their economic horizons. And even when they do offer market prices for skilled help, members of today's talent pool are often hesitant to join local companies.

Take for example 27-year-old Xiao Wu, a senior consultant with a multinational accounting firm and keen to move up the corporate ladder.

When offered a high-paying position as chief finance officer of a private, Chinese education firm with overseas IPO plans in the works, the college graduate was hesitant to take the job.