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Financial institute set to train fresh talent

THE Shanghai Advanced Institute of Finance was established at Shanghai Jiao Tong University yesterday, with a six-year grant of 320 million yuan (US$46.8 million) from the city government.

The institute was created to meet the needs of the rapidly growing financial industry in Shanghai, as the central government plans to turn the city into a major world financial center.

"The city lacks lots of professionals in the development of an international financial center," said Fang Xinghai, director of the Shanghai government's financial services office, at yesterday's ceremony.

"Shanghai must speed up the nurturing of financial professionals as well as attracting more Chinese and overseas experts to the city."

Though several local business schools have nurtured lots of talented people, the number of financial professionals in the city is far from the average level of other international financial hubs such as New York and London.

The new institute was set up to promote the education of professional financial talents to support the city's development.

It has launched master's programs specializing in finance and will in the future offer PhDs.

The new institute is to equip students with practical knowledge of the financial industry as well as modern financial theories and sophisticated quantitative methods, said Wang Jiang, dean of the institute and Mizuho Financial Group professor at MIT Sloan School of Management.

"Practical ability will be highlighted throughout the curriculum," Wang said.

A team of 16 distinguished instructors from world-class schools such as Princeton University and Olin Business School at Washington University has been set up.

More scholars and senior businesspersons will be invited to join the teaching faculty in the future, Wang said.

Program admission is open to domestic and foreign applicants. The university aims to build the institute into world class within 12 years.

The first group of 55 students has been admitted and the institute aims to enroll about 500 students annually within 10 years, Wang said.


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