It is universally acknowledged that talent is essential for building an international financial center.Globally,a leading financial center is most often also a hub of financial professionals.Shanghai has generated and been working with a strong commitment to talent development,attraction and retention since the central government of China made the strategic decision to turn Shanghai into an international financial center.With a global,open and forward-looking mentality,the city has mobilized all possible resources available and is striving to create an environment with international comparative advantages for the development of financial service professionals and to gather domestic and foreign financial leaders to form an international financial talent hub.The city believes this move will create a critical talent pool and intellectual support for building the international financial center and—implementing the financial reform and development program of Shanghai.

Shanghai is currently implementing a basket of international financial talent acquisition plans.The city is committed to both attracting external leaders and developing local professionals,while it nevertheless aims high at acquiring a talent pool with international competitiveness.The plans include:the“Global Experts Recruitment Program”,also known as the“Thousand Talents Program”,which is implemented both at the central government and the municipal levels;“Shanghai Leading Talents Plan”,“Shanghai Overseas Financial Talent Development Plan”,“Shanghai Leading Financial Talent Development Plan”and“Shanghai Young Financial Talent Development Plan”which are local acquisition plans.Through these plans,Shanghai will try to create a large pool of domestic and overseas professionals and gather a group of financial leaders who can help Shanghai compete better globally.

Efforts are being made to improve the financial talent attraction and allocation mechanisms.Market is supposed to play the fundamental role in the allocation of human resources while financial institutions as employers are expected to do the job which once belonged to the government.Market factors,like the law of supply and demand,prices and competition,will be leveraged to optimize the allocation of senior financial professionals.At the same time,in order to mobilize resources in both the international and domestic markets,Shanghai will actively promote the development of a financial HR market,facilitate the growth of financial HR intermediaries,create a liberal environment allowing practitioners to come and go freely,and support the rational flow of financial professionals of all types.

Innovative means will be applied to optimize public services for financial practitioners.The government,businesses and other parties are expected to leverage resources effectively in a concerted manner;a series of policies and measures will be adopted and implemented to address the most common,the most direct and the most practical problems facing financial practitioners.The city will also continue to optimize the environment for financial talent introduction,development and motivation.Supports will be given to outstanding domestic and foreign financial professionals especially regarding household registration,residence permit,entry&exit,social security,healthcare,children’s education and housing,to make Shanghai the most desirable and attractive location of work for financial practitioners.

Through the concerted efforts of all parties and circles,Shanghai has made remarkable achievements in building the envisioned international financial talent hub.A new financial HR system has been put in place which shares the characteristics of an international financial center:diversity,a reasonable structure and freedom of movement.The ambition of building an international financial talent hub with openness,diversity and integration now looks very tangible.

To gain an overall and accurate understanding of the mix and development of the financial workforce in Shanghai,to provide a basis for further research prior to formulating better policies to promote the development of financial institutions and attract financial professionals,and to offer guidelines concerning the employment,education and flow of financial talent,CPC Shanghai Municipal Financial Work Committee,Shanghai Municipal Financial service office and Shanghai Municipal Statistics Bureau conducted a joint survey of the financial service workforce in the city.Starting in August 2015,this is the first survey of its kind,and it covers the workforce of financial companies registered who were engaged in financial service activities in Shanghai,including financial company employees,leased staff and other practitioners providing financial services.This document,“Shanghai Financial Workforce Report 2015”,is a presentation of the results of the survey.