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December 29, 2009

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Home » Business » Economy

City's hub goal and policies lure top financial talent back

AN increasing number of top financial professionals are willing to return to Shanghai to develop their careers, encouraged by the city's favorable policies to attract talent as it embarks on its ambitious road to transform into an international financial hub by 2020.

Nearly 100 senior Chinese executives of top financial companies from the United States, Britain and Germany gathered in Pudong New Area's Lujiazui yesterday to discuss the city's aim to be a global financial hub with officials from the local banking regulator and financial institutions, including the Shanghai Stock Exchange and the Bank of Communications. These financial executives have working experience of more than five years and are top-level managers.

This was the second time the annual talk was held in Lujiazui. More than 10 of about 70 top financial professionals who took part in last year's discussions have returned to China to work or set up their own business, encouraged by the local government's favorable incentives.

"Pudong has awarded 81 million yuan (US$11.9 million) to 1,800 financial professionals this year," Lu Ming, deputy director of Pudong, said at the forum.

The output of Pudong's financial industry totaled 55.8 billion yuan in the first three quarters, a 28.4 percent jump from a year ago, Lu said.

Realizing that Shanghai lacked top-notch financial talent, the city government has introduced several measures and incentives to attract them. Fewer than 20 percent of local financial professionals hold globally recognized qualifications like Chartered Financial Analyst and Certified Financial Planner.

Among those returning from abroad to work in Shanghai is Zhou Ming. He was lured by the city's rapid development and the favorable policies.

"I gave up a high salary and came back for a better future development," he said. Zhou was a senior consultant of JPMorgan when he attended the talk last year. He was at yesterday's talk as the representative of Hudson Partners Securities LLC.


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