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Shanghai aims to be home of 450,000 financial talents by 2020

SHANGHAI plans to lure 450,000 financial talents by the end of 2020, up 28 percent from that in 2015, the authorities said today.

To achieve that, the city will improve the structure of talent pool based on market’s needs and will improve talent quality as part of its efforts to build up an international financial hub.

By 2020, the city is going to have 35,000 holdings of financial certificates, including the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA), more than twice of the level in 2015. The city will also increase the per-capita output of financial professional to 1.5 million yuan (US$217,180) from 1.2 million yuan in 2015, Shanghai Municipal Financial Service Office said in an announcement elaborating city's talents development plan of financial sector.

"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," Zhou Bo, vice mayor of Shanghai, said in a conference today in Shanghai. "More talents are needed, better talents structure are needed, and deeper international strategy on the financial sector is needed."

The financial service office issued a list for the shortage of financial professionals on the same day. Financial technology, fixed-income investment, commodity investments and actuarial studies are among the sectors in urgent need of better talents. The list covers five big categories, namely, management, research, operation, specialty services and risk control.

More policies to attract top talents with higher qualifications is also put on agenda to meet the needs in these areas, said Zheng Yang, director of the financial service office.

In a separate document issued in the conference, a total of 106 individuals from banks, brokerages, insurers and other institutions were put on the list of city’s financial talent pool, in categories of foreign expats, leading talents and young talents. The pool is expected to be expanded to 700 by the end of 2020.


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