On 1 March 2016, we had the opportunity to meet with the representatives of the Shanghai Municipal Government Financial Services Office to discuss financial co-operation opportunities between Hong Kong and Shanghai.
Dr. Zheng Yang, the Director-General of the Financial Services Office, shared with us the latest economic and financial development in Shanghai, such as the progress of “Four Centers” initiative and Shanghai Free Trade Zone. In particular, Dr. Zheng highlighted the growing importance of financial sector for Shanghai. He added “Financial industry has been attributing more and more to Shanghai’s GDP. The percentage increased to 16.2% in 2015, similar to the level of other major financial centers such as Hong Kong and New York.”
All attendees agreed the nurture and retention of talents were the key to long term development and encouraged the exchange of talents between Hong Kong and Shanghai. They shared their views on possible policies to attract Hong Kong talents and professionals to work in Shanghai, including favourable tax treatment, property policies and good education system for their children. Dr. Zheng emphasized Shanghai has been building sound legal and administrative systems to facilitate foreign investments, and advocated Hong Kong companies to set up subsidiaries in Shanghai as a platform for doing business in China.
Dr. Zheng highly appreciated the effort of Y Society at nurturing the next generation of finance industry leaders and are looking forward to future co-operation opportunities such as exchange and internship programs. Y Society would continue to explore ways for further collaboration between Hong Kong and Shanghai, to foster talent exchange and enhance mutual understanding of young professionals from two cities.