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Wenzhou hopes to recruit more financial talent

(China Daily)

13:28, April 17, 2012

Wenzhou has started a broad-ranging recruitment campaign for financial talent, offering high-level jobs with annual compensation of up to 1 million yuan ($158,400).

The campaign follows a central government decision last month to make the eastern city in Zhejiang province a "pilot zone" for reforms aimed at promoting non-official lending and diversifying financing channels.

Up to 108 positions are on offer at a wide range of local financial institutions and government agencies, including the city's financial office, commercial banks, insurance companies and securities houses.

Yao Minglong, a finance professor at Zhejiang University, said the campaign is the biggest government-organized recruitment drive in the city's history. It's intended to ease a shortage of financial talent.

"You don't often see government-initiated recruitment on this scale. It shows that the government has fully realized the problem and is trying to solve it," said Yao.

Wenzhou has many people working in the financial industry, he added, but most of them simply lend money, often in the underground market, and they lack expertise in modern finance.

Most of the jobs offered are senior. A vice-president's position at Bank of Wenzhou Co Ltd pays up to 1 million yuan a year. It requires at least 12 years of experience in commercial banks, more than six years in mid-level management and an age of less than 45 years.

A marketing director position in the Wenzhou branch of Shenzhen Development Bank Co Ltd seeks candidates with at least five years of experience in commercial banks and pays up to 500,000 yuan a year.

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