Development Directory of the Talent Shortage in the Shanghai Financial Sector

A press conference was held in August 2012 to announce Shanghai's measures to attract overseas financial professionals

The development directory of the talent shortage in the Shanghai financial sector was developed and implemented in 2011 to provide support and talent resources for the construction of the Shanghai International Financial Center.

I. Categories of Talent Shortage

The directory refers to the talent shortage in financial institutions such as banks, securities firms and insurance companies. They are categorized according to the following:

Management Talent: Mid-level and senior managers

Research Talent: Strategic research professionals, industry research professionals, financial market research professionals

Financial Business Talent: Banking professionals, securities professionals, insurance professionals, and innovative financial products professionals

Professional Service Talent: Information technology professionals, payment and settlement system professionals, law professionals, accounting professionals, credit assessment professionals, compliance professionals, risk control professional and audit professionals

II. Support Measures for the Talent Shortage

Shanghai is implementing focused policies and services related to the talent shortage listed on the directory, which include:

1. Recruitment plan for talent pooling of high-end overseas professionals

The Shanghai Government will propel and execute the “Thousand Talents Plan” by both the central government and the municipal government to encourage and support financial institutions in the recruitment of management talent and technical professionals who are experienced in international rules and global operations and have innovation capabilities. Shanghai will provide special living allowances for candidates eligible under the plan. Potential candidates shortlisted for positions on the directory will have priority in receiving work permit and necessary financial support.

2. Implementation of the plan for selecting and training management talent in the financial sector

Potential candidates will be accepted into the plan after assessment. Qualified candidates will be entitled to preferential policies related to the development of leading talent. Relevant organizations should develop and implement measures that facilitate the development of management talent.

3. To maximize the functions of the training base for highly skilled talent

Shanghai seeks to use the training base for highly skilled talent as a platform to develop training programs for the talent groups listed on the directory, to vigorously carry out subsidized training activities, to focus on promoting training and to cultivated works for the “Chief Technician” and “Master Studio” programs.

4. To propel the marketization and professionalization of financial professionals

Shanghai will deepen competitive selection, market allocation and contract management of the management teams at Shanghai government-owned financial firms. It will also seek to promote the establishment and improvement of the market-oriented system for the financial talent assessment compatible with the construction of the Shanghai International Financial Center.

5. To strengthen the vocational education and training for financial professions and implement categorized training programs for talent

The government will improve the market-oriented and government-supported talent-training mechanisms. Government funds for the development of financial talent, domestic and overseas talent training, and overseas student ventures will give priority to the talent groups listed on the directory.

It will also encourage financial institutions to gradually increase investment in education and training, to build learning organizations and to carry out categorized training programs in accordance to different characteristics and training objectives of the various talent pools.

Universities and colleagues are encouraged to adjust and reform subjects, majors and curricula to foster proactive innovation and practice competence of talent in accordance with the objectives of the directory.

The government will use postdoctoral research stations and mobile research stations to promote alliances among production, learning and research sectors, as well as close coalitions of tertiary education, academic research and business management.

6. To refine the evaluation system for financial talent work competence

According to the directory, the government will accelerate the development and implementation of certification and accreditation programs for financial talent work competence and skill. International associations of professional financial accreditation will be attracted to carry out relevant training programs in the city. The government also supports and encourages financial talent to participate in international accreditation and professional training programs to gradually establish scientific and standardized evaluation systems and guide the market-oriented development of financial talent.

7. To raise the level of specialized services for financial talent

Shanghai will accelerate the construction of its talent market for financial professionals, and improve the functions of public service platforms such as the Shanghai Financial Development Service Center, the Shanghai International Financial Talent Service Center and the Shanghai Financial Talent Network, in a bid to promote specialized services for financial talent. The government also will accelerate the construction of a data warehouse for categorized talent information in accordance to the directory, in a bid to raise market allocation efficiency and service quality and to promote rational staff movement.

8. To grant rewards for financial talent

The government will extend rewards for financial talent who have made significant contributions to the construction of the Shanghai International Financial Center. Financial institutions will also be encouraged to make innovative developments and rewards for outstanding financial innovation projects.

9. To create a good working and living environment

Shanghai seeks to explore a classified approach to serving talent and to strengthen the construction of ancillary services and support systems. Qualified domestic and overseas talent will enjoy special services in areas such as hukou registration, residency permits, Foreign Expert Certificate registration, medical insurance, children’s education and housing.