Financial industry in Shanghai reports shortage of talent

Financial industry in Shanghai reports shortage of talent

While regulations are being finessed for the launch of the Shanghai international board, which would allow foreign companies to list on the Chinese mainland for the first time, attention is also being focused on one crucial element: a chronic lack of skilled financial professionals.,wholesale POLO Ralph Lauren SERIES,

Foreign banks and local securities companies are scurrying to find workers with the right skills and experience. Even Tu Guangshao, Shanghai's vice-mayor in charge of finance services, said the greatest inhibitor to the city's bid to be a world financial center was the lack of professionals.

The Lujiazui financial district in Shanghai. The difficulty in hiring and retaining high-caliber professionals has become the biggest business challenge for companies in the Chinese financial hub. (China Daily Photo)

The latest statistics show that the number of people working in finance in Shanghai is 300,000, up from the 200,,Ronaldo soccer jersey,000 in 2006. However, that is only 2 percent of the city's total work force. In New York, the figure is 10 percent.

There are fears this could hamper China's ambition to turn the city into a competitive international financial center that could rival New York, London, Hong Kong or Singapore by 2020.