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Incentives to draw finance experts
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SHANGHAI aims to draw more foreign senior financial professionals by improving living infrastructure and policies including residence permits, the Shanghai Financial Service Office said yesterday.
Shanghai had 308,600 financial professionals at the end of 2013, up 8.5 percent from the previous year, the office said yesterday. But the percentage of financial workers in the city’s population lagged far behind that in global financial centers such as Hong Kong and New York.
Shanghai especially lacks backbone financial experts with international experience to meet the city’s goal to develop as an international financial center to match China’s economy and the status of the yuan, officials said.
“Shanghai is facing some bottlenecks currently in introducing international talent,” said Chen Zheng’an, vice Party secretary of the city’s financial work committee. “One is tight control on residence permit, and the other is insufficient supportive infrastructure such as international schools.”
Chen said Shanghai has granted over 2,000 permanent residence permits, or “green cards,” to expatriates, a third of the total granted in China.
Authorities are coordinating policies in various districts in Shanghai to ensure maximum benefits and convenience for international talent, and will work with the central government to improve policies concerning expatriates.
The office yesterday launched a bilingual recruitment platform to help financial institutions in Shanghai find domestic and international talent. Financial institutions will be able to conduct international video interviews on the platform with overseas candidates.
Since the platform’s trial in October, over 100 financial institutions have used it to fill about 10,000 vacancies.
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