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Shanghai to recruit talent from US

January 12, 2009, Monday | Online Edition

THE Shanghai Personnel Bureau will go to the United States in May to recruit overseas Chinese talents following last overseas recruitment in December as more and more of them are willing to return for work.

The expected annual salaries of these talents has dropped from 500,000 yuan (US$73,529) to about 300,000 yuan now because of the global financial meltdown, Shanghai Morning Post reported today.

The bureau, together with the Shanghai Financial Services Office, had a recruitment drive in London, Chicago and New York between December 5 and 14 last year and attracted several thousand applicants.

"Financial talents are most wanted," Wang Weimao, director of the bureau's foreign affairs division said. Other talents are needed in information technology, life sciences, pharmacy and auto manufactory industries, Huang said.

The bureau will go to other foreign countries to recruit this year, the newspaper said. According to statistics, about 5,000 overseas Chinese went back to Shanghai for work last year. About 70 percent of them are working in high-tech industries.

Among the thousands of people who were laid off by employers in Wall Street, up to 200,000 are Chinese, according to the North America Chinese Scholars International Exchange Center. More than half of the overseas Chinese are willing to return for work, the center said.

However because of pay and family commitments, only about 10 percent of the overseas Chinese will actually return, the center said.

A total of 2,176 applicants applied for vacancies in 27 financial institutions at the last recruiting drive. About 840 applicants have reached initial intention stages with local employers so far.
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