Shanghai needs at least 800,000 more finance professionals if it is going to compete with Hong Kong as an international financial hub, say participants in a Pudong District Youth League forum.
The Shanghai-based Labour News said the shortfall estimate was based on an international average for global finance centres in which more than 10 per cent of the population is engaged in the finance-related industries.
New York has about 770,000 financial professionals, Hong Kong 350,000 and Shanghai fewer than 200,000 working in banks, brokerages, accounting firms and other financial institutions, the report said.
Analysts attending the forum on Sunday said the skills shortage was the biggest concern among many aspects putting Shanghai behind the financial centre pack.
They said the city also lacked highly qualified managers, finance theory experts and experienced frontline staff.
Chartered financial analysts in Shanghai numbered in the dozens, well behind Hong Kong and Singapore, with about 1,000 each, and the US, with 25,000, the report said.