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December 3, 2009

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Going overseas again for financial talent

SHANGHAI plans to recruit 116 financial professionals during its second overseas recruitment to help fuel the city's ambitions to be a financial hub by 2020.

The Shanghai Financial Services Office will lead representatives of 17 institutions, including banks, insurers and brokerages to hire experienced senior professionals. The team will be in New York on Saturday, Toronto next Wednesday and Singapore on December 13.

"The city is eager for senior financial professionals to help build itself into an international financial center," Ji Wenguan, Party chief of the office, said yesterday. "We are not lacking head count in the financial industry but are short of experienced professionals."

He pointed out that talent is key to propel the establishment of a financial center, citing that more than 700,000 financial professionals work in New York, about 400,000 in London and 350,000 in Hong Kong. There were 230,000 financial professionals working in Shanghai by the end of last year, he added.

As part of the move to lure and retain financial professionals, the city has launched initiatives to address quality-of-life concerns such as health care and education. Around the end of this year it will also implement a cut in the rate of income tax that they have to pay, according to Ji.

Shanghai recruited 66 overseas financial professionals from 4,000 candidates in its first overseas hiring campaign on Wall Street and in the City of London last year.


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