Shanghai shares expertise as area attracts top talents

Shanghai University of Finance and Economics set up a wealth management institute in Qingdao in 2014. It was the first branch set up by the university outside Shanghai. The university is renowned for producing accountants, economists and financial experts through its programs.

The 2016 China Wealth Forum delegates agreed that the lack of financial talent is hindering the development of Qingdao's wealth management industry. The Qingdao city government hopes the institute can help the city solve its talent shortage.

Zhang Yue, a woman working in the financial sector in Qingdao, just finished a training program at the institute.

"I have been working in the financial industry for many years," she said. "The fast development of the sector creates so many new concepts. To keep up, I must update my knowledge."

Zhang said her ability to analyse information improved by a large margin and she understands the relationship between international politics and finance better than before. "The training let me take more initiative in negotiations, and I became more confident," she said.

Xu Chuanyong, an EMBA student at the institute and general manager of a financial company in Qingdao, said: "More important than attracting foreign talents is to cultivate local talents in Qingdao and Shandong. Local people can see the potential of their career development and the establishment of a wealth center in Qingdao will benefit the city."

In the past two years, Qingdao also saw the establishment of a host of other financial study institutes. During the same period, Jinjialing in Qingdao developed into a concentrated area for the financial industry, which provides jobs for graduates of these institutes. Jinjialing now hosts 224 fund enterprises and manages more than 100 billion yuan ($15 billion) in capital.

Qingdao was approved by the central government last June as one of the first batch of pilot cities that could allow domestic enterprises to obtain loans in yuan from banks in South Korea.

Li Qun, Qingdao Party chief, stressed that the financial industry should become an important engine driving the transformation of the city's real economy.

zhuanti@chinadaily.com.cn

(China Daily 06/29/2016 page12)