The fifth China Financial Talent Pudong Leadership Dialogue took place on Oct 30 in Shanghai, focusing on the development of financial talent in Shanghai’s Pudong New Area.

The forum revolved around the theme "Sustainable Finance Talents Boost and Lead the High-level Reform and Opening-up of Pudong Pioneer Area".

During the event, the Pudong Pioneer Area Financial Development Contribution Award was introduced and six financial promotion ambassadors were recognized.

Pudong is striving to become a pioneer of China’s socialist modernization and higher-level reform and opening-up. Further opening-up in the financial sector, and efforts to gather and nurture high-quality talent are integral to achieving this goal.

At the beginning of this year, Pudong launched the "1+1+N" policy system, which lays out the development of talent in the district in the next three years. In terms of financial talent, the Pudong New Area Financial Work Bureau has rolled out the Implementation Opinions of Pudong New Area on Promoting the Development of Financial Talent, which includes nine measures aimed at attracting, training, and serving financial talent.

Zhang Hong, director of the Pudong New Area Financial Work Bureau, revealed during the forum that there are currently over 350,000 financial employees in Pudong, accounting for more than 70 percent of the city's financial workforce.

Zhang said that the Pudong New Area Financial Work Bureau aims to accelerate the formation of a high-level financial talent team with a practical structure, comprehensive expertise, excellent quality, international vision, and global competitiveness and influence. The goal is to establish Pudong as a high-level international financial talent hub.

Strengthening Pudong's financial talent brand

Since 2018, the Pudong New Area Financial Work Bureau has collaborated with the CFA Institute to hold four consecutive editions of the forum. These have played a significant role in creating an internationally competitive financial talent policy service system and promoting the development of the international financial center's core area.  

The China Financial Talent Pudong Leadership Dialogue has become an important event for turning Pudong into a financial talent hub. Zhang said that the fifth edition aims to further strengthen Pudong's reputation as a financial talent hub.

Margaret Franklin, Chair and CEO of the CFA Institute, said that Pudong is a hub for financial talent and holds a leading position in China's financial industry. "For Pudong, it is crucial to cultivate senior financial talent. The mechanism and policies for cultivating such talent are of vital importance,” she said.

Franklin added that in 2022, CFA certification was officially included in Pudong's qualification recognition lists, granting holders various preferential policies for working and living in the area.

During the forum, six financial promotion ambassadors were honored. They include representatives from the CFA Institute China, AICPA & CIMA North Asia, Korn Ferry Greater China, Shanghai Pudong CFA Institute, Shanghai Asset Management Association, and 51 Financial Circle.

Zhang urged ambassadors to leverage their social influence to promote Pudong's talent policies and contribute to Pudong’s financial development and transformation into an international talent hub.

She said that Pudong is embracing openness and inclusivity to attract top talent from around the world, supporting their innovative ideas and entrepreneurial endeavors. Efforts are being made to attract key financial professionals from both domestic and international backgrounds, enhance support for urgently needed financial talent, improve the system for attracting international financial experts, and establish platforms for talent exchange. After years of building a strong financial talent pool, Pudong is steadily becoming a world-renowned hub for financial professionals.

The total number of financial talents in Pudong reaches a new high

Pudong's financial industry has experienced rapid growth and remarkable results in developing financial talent.

According to official data, Pudong's financial talent accounts for 8.9 percent of the total employed population, second only to New York's 11.5 percent, surpassing London's 8 percent, and far exceeding other major international financial centers.

Finance is Pudong's largest industry and financial talent is the primary resource for the development of the financial industry. Building a hub for financial talent has long been Pudong’s primary goal, said Zhang.

Official statistics reveal that Pudong's financial industry currently employs over 350,000 people, making up more than 70 percent of Shanghai's financial workforce. And the number of high-level financial talents continues to increase.

In 2022, the per capita financial value-added in Pudong reached about 1.42 million yuan ($195,171.73), with an average annual growth rate of 8 percent over the past five years.

Accelerate the formation of a high-level financial talent team

Looking ahead, Pudong aims to accelerate the formation of a high-level financial talent team. The focus will be on the needs of the financial industry and the requirements of talent.

Pudong plans to create a high-level international financial talent hub with a practical structure, comprehensive expertise, excellent quality, international vision, and global competitiveness and influence.

The area will expand its financial talent policies and enhance the recognition of international qualifications. Pudong also seeks to build a comprehensive and internationally competitive financial talent policy service system and provide support for settlement, education, healthcare, entry and exit, and permanent residency for financial talent. It is also actively developing financial talent training bases, providing a platform for college students to intern, receive practical training, and pursue career development at financial institutions in Pudong.

The forum also saw the release of the Pudong Pioneer Area Financial Development Contribution Award to incentivize talent training in financial institutions. The award offers up to 1 million yuan in financial support.

Zhang said that Pudong will prioritize higher-quality financial innovation and build a better financial ecosystem. The region aims to provide an excellent environment and opportunities for the career development of outstanding financial talent. It welcomes financial talent from around the world to participate in the development of its financial industry and share in its achievements.