(ECNS) - Shanghai has become the most-preferred city in China among financial professionals due to its advanced financial system, according to a report by the recruitment site Zhipin.com.
In the first quarter of 2018, Shanghai was the No. 1 choice for 24 percent of job seekers from Hong Kong, Macao and Taiwan who want to work on the Chinese mainland, according to the report.
The demand for financial talent has increased year by year in China as the country deepens supply-side reforms and tries to build a multi-tiered capital market system. Besides, the traditional financial industry is accelerating its pace toward Fintech at an unprecedented rate.
A sample of Shanghai's financial talent showed that 78 percent had a bachelor's degree or above, 16 percentage points higher than the national level.
Statistics also showed that 27.6 percent of those who had overseas education backgrounds and returned to China to work in the financial industry since 2017 have chosen Shanghai. The proportion of those choosing Beijing and Shenzhen was 26.9 percent and 11.2 percent respectively.
Shanghai also became the central hub for financial professionals in the Yangtze River Delta, rising to first choice among cities in the region. More than 40 percent of financial talents in other cities in the region want to move to Shanghai.
Shanghai's universities graduated 27.2 percent of financial talents employed in the city, an indication of the city's university being able to match financial industry requirements, according to Zhao Peng, CEO of Zhipin.com
Zhao said Shanghai's financial industry still faces human resource challenges, such as a lack of managerial and interdisciplinary talents. Shanghai also falls behind financial center cities such as New York, London and Hong Kong in attracting students with international backgrounds.?
Zhao said he believes Hong Kong will become a key source of high-end financial talents to Shanghai in future.
Shanghai should optimize its personnel training system step by step, upgrade curriculum systems, provide cross-discipline training, and improve school-enterprise cooperation, according to the report.
