- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Boomed: jobs in China
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Boomed: jobs in China"
Collapse
-
Boomed: jobs in China
Chinese see chance to recruit western staff
By Jamil Anderlini in Beijing
Published: November 28 2008 23:40 | Last updated: November 28 2008 23:40
Out-of-work finance staff in the UK and US have a new reason for optimism about their employment prospects – especially if they speak Mandarin.
Chinese financial institutions are set to exploit the widespread job losses in western financial centres as a result of the credit crunch by next month embarking on a hunt for people willing to relocate.
The Shanghai Financial Service Office has told state media the city is sending a delegation to New York, Chicago and London to recruit specialists in risk management, asset management, product research and development, macro*economics and policy analysis.
The head of human resources at the office said at least 27 financial institutions in Shanghai, China’s commercial and financial hub, had listed more than 170 vacancies for foreigners.
The global financial turmoil has led to tens of thousands of job losses in financial services.
London and New York have been hit especially hard, while many of those still in employment fear for their future.
However, the salaries on offer in China are unlikely to meet international standards and a preference for those who understand and speak Mandarin Chinese will probably rule out many potential candidates.
In addition, China’s unique political environment, in which the Communist party exercises ultimate control over all aspects of the financial, legal and commercial systems, means foreign passport-holders are unlikely to be given senior positions in state-run institutions.
China Investment Corp, the country’s sovereign wealth fund, launched a global recruitment drive this year but it was unable to match the salaries on offer in the City or on Wall Street.
Shanghai officials said organisations interested in recruiting in the UK and US included the nascent China Financial Futures Exchange, the Pudong financial district government, and state-run securities agencies, insurance companies and also banks.
The delegation will also try to recruit an assistant to the president of Shanghai Financial University, a chief economist for the SFU’s International Finance Research Institute and a dean for its International Finance and Insurance School.
Academic posts are more likely to be offered to foreigners because such positions are considered less politically sensitive.
China’s state-owned Assets Supervision and Administration Commission has said it encourages the country’s largest state companies to recruit internationally, but the number of foreign employees at those companies is still negligible.
All senior managers above a certain level at state companies are appointed by the secretive Communist party personnel department, regardless of the wishes of board directors or share-holders.Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: