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August 7, 2012

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Shanghai must attract top financial professionals

MARKET watchers told a forum yesterday that attracting more financial professionals from overseas is the key to boosting Shanghai's rise as an international financial center - especially professionals with global markets experience.

Shanghai ranked eighth after other global financial centers such as London, New York and Hong Kong in the Global Financial Centers Index 2012 published by City of London Corporation.

By the end of 2011, Shanghai was home to 1,136 financial institutions including banks, brokerage firms, insurance companies and fund management companies that employed 230,000 people. The city will be the home to 320,000 financial professionals by 2015, according to the State Council's plan.

"Shanghai currently lacks financial talents, especially in some key areas and positions," Vice Mayor Tu Guangshao said. Tu said the city "must speed up the reform process to provide room and a platform for them to develop their careers and to show their values right here. The state-owned enterprises in particular, they need to accelerate the reform of hiring policies. The recruitment of management-level positions should be totally market-oriented."


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