Shanghai has issued a new guideline to boost financial innovation and attract talent as the city continues its push to become a global financial hub by 2020, the local financial services office said on Wednesday.

The Shanghai government will set up an "awards" program to encourage people in the financial industry to adopt new methods in areas, including product design, operating techniques, provision of services and corporate management, the Shanghai Financial Services Office said yesterday, quoting the new guideline.

The city government will use cash awards to attract financial professionals to the city, according to the guideline. The awards will also ease the impact of the Shanghai tax rate, which is higher than in other Asian financial centers.

The city is also simplifying procedures for out-of-town professionals to obtain temporary residence cards and permanent residency to attract high quality talent. The city will also make it easier for the children of these professionals to go to school.

Shanghai will also offer a one-time cash incentive to overseas institutions that want to incorporate local subsidiaries in the city. The city will offer a one-time capital incentive to financial institutions to set up headquarters in Shanghai.

The city government will also offer follow-up funds to institutions that exhibit outstanding performance in Shanghai within five years of beginning operations.

Comments (0)

Subscribe to this comment's feed