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January 14, 2017

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Wanted: Talent for city’s future

By Leng Cheng | January 14, 2017, Saturday | Print Edition

SHANGHAI plans to lure 450,000 top level financial professionals by the end of 2020, up 28 percent from 2015, as it seeks to become a leading international financial hub.

The city will improve the structure and quality of the “talent pool” — a list of leading talent working in Shanghai — and increase the per capita output of financial professionals to 1.5 million yuan (US$217,000) a year from 1.2 million yuan in 2015.

The announcements came from the Shanghai Financial Service Office yesterday as it outlined the city’s financial sector talent development plan.

“We still have a lot work to do to become an international financial hub in accordance with the country’s economic capability and the yuan’s global standing,” Shanghai Vice Mayor Zhou Bo said.

“More talent is needed, a better talent structure is needed, and a deeper international strategy for the financial sector is needed,” Zhou said.

The financial service office also issued a list outlining where there is an urgent shortage of financial professionals, which includes the financial technology, fixed-income, commodities and actuarial sectors.

These fall into five major categories: management, research, operations, specialty services and risk control, according to the list.

Shanghai will implement policies to attract professionals with higher qualifications to meet the needs in these areas, said Zheng Yang, director of the financial service office.

By 2020, for example, the city aims to have 35,000 professionals with financial certificates, including Chartered Financial Analysts and Certified Public Accountants, more than twice the level in 2015.

Authorities added 106 professionals from banks, brokerages, insurance companies and other institutions to the financial talent pool yesterday.

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