Hurdles ahead as city strives for global hub
By Hu Xiaocen |
October 22, 2012, Monday
|
Print Edition
Print Edition
SHANGHAI needs at least 400,000 financial workers to become a world-class financial hub but the current supply makes up under 60 percent of the demand.
The government has called for cooperation between corporations, educators and human resource consultants to foster more financial talents to drive the city toward an international financial hub like New York and London, a 2012 Pudong Financial Talent Forum heard at the weekend.
There were 230,000 financial professionals working in Shanghai by August, according to data unveiled by the municipal government.
Pudong New Area has 159,000 financial professionals by the end of 2011 and grew an average of 16 percent in the past two years, according to the forum.
"In Pudong, talent is the primary productive force ... and the key to building an international financial center," the area's government said in a statement.
However, Piter de Jong, vice president of the European Chamber and chairman of the Shanghai Board, said barriers still remain. He said the hurdles "include limited convertibility of the yuan, weak foreign participation in the finance sector, low availability of skilled personnel and relatively high taxes compared to Singapore and Hong Kong" as well as human resource challenges faced by foreign banks as local talents prefer to work for local lenders.
The government has called for cooperation between corporations, educators and human resource consultants to foster more financial talents to drive the city toward an international financial hub like New York and London, a 2012 Pudong Financial Talent Forum heard at the weekend.
There were 230,000 financial professionals working in Shanghai by August, according to data unveiled by the municipal government.
Pudong New Area has 159,000 financial professionals by the end of 2011 and grew an average of 16 percent in the past two years, according to the forum.
"In Pudong, talent is the primary productive force ... and the key to building an international financial center," the area's government said in a statement.
However, Piter de Jong, vice president of the European Chamber and chairman of the Shanghai Board, said barriers still remain. He said the hurdles "include limited convertibility of the yuan, weak foreign participation in the finance sector, low availability of skilled personnel and relatively high taxes compared to Singapore and Hong Kong" as well as human resource challenges faced by foreign banks as local talents prefer to work for local lenders.
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