Special Topic: Finding and Keeping Jobs in China

Photo: beijing07

After gaining a place on the global financial scene, the issue of Shanghai’s need to match this status with qualified finance staff is of daily growing concern.

In line with the rapid economic development of the Bund and Lujiazui financial clusters, they have already been shaping up daily as centers of finance. Contrastingly, the main Achilles heal for Shanghai it lacks human resources in finance and this causes daily losses.

On April 19th the Shanghai government invested RMB 320 million in the building of a Shanghai School of Higher Finance Education at the Shanghai Jiaotong University, one of China’s best universities. This has been followed by draft proposals on 23rd April to the Shanghai city government as how best to tackle the shortfall.

According to the latest GFCI figures published in London on the performance of the world’s financial hubs, Shanghai rates 31st. Although this might place it number one in the PRC, however it still lags behind Hong Kong SAR, Tokyo, Singapore and other Asian cities.

According to analysts, of the 14 most important tasks for improving the competitiveness of a financial center, apart from making sure you have a health rule of law or and regulations for the exchange of RMB, but more vitally you need talented human resources.

Since February various Shanghai city government committees have met to discuss the importance of this issue which everyone agrees is holding back the progress of Shanghai and the country as a whole.

Photo: ryanerwin.com

So, just exactly to what extent is Shanghai lacking on the HR front that stops it punching up there with the big boys? From taking a general look at other major world financial institutions, their financial work force makes up over 10% of the world’s total, with London and New York at 11.5%, Hong Kong SAR at 14% and Shanghai with over 2 million financial workers, only makes up 1% of the global total.

Whatever Shanghai decides to do next in tackling the deficit in talent it needs to act fast. Clearly, with government funding focused at educating the next waves of college students in the latest financial practices, some commentators doubt that Shanghai can fix the problem overnight. It remains to be seen just how fast Shanghai and other Chinese cities can catch up with cities that sport long financial histories such as Hong Kong and London.

See this article in its full and original form at people.com.cn

Special Topic: Finding and Keeping Jobs in China

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