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Another key factor going forward for China's tech sector is the "Shenzhen effect" - manufacturing clusters with deep networks, experience, expertise and easy supplier availability not available anywhere else will allow Chinese companies to integrate hardware in software. "5G is another step function. There is going to be stuff that we can't even imagine that is going to be built in Shenzhen because of the proximity of all those people together," Robinson said.

Apart from the development of the epidemic, fiscal and monetary policies of various countries, as well as their policies to help corporate clients overcome financial stress, also will hugely affect the bank's asset quality, he said.

Another reason for the growing demand from local enterprises is that they are beginning to lead in various industries, meaning they have competitors globally and they need to fight for the best talent with strong industry and language skills, and international work experience.

Apart from Johnson & Johnson, other leading multinational pharmaceutical firms have also been stepping up utilization of Chinese innovation and R&D resources through cooperation with local innovation forces, and establishing innovation hubs.

Apart from the usual need for workers on assembly and processing lines, demand for skilled workers is up this year, Jiang said.