This year Nanfang Daily reporters visited Shanghai, Zhejiang, Sichuan and other places to do the domestic research on finance. (Source: Nanfang Plus)

Thanks to the Guangzhou-Shenzhen-Hong Kong high-speed rail and the Hong Kong-Zhuhai-Macao Bridge both opening this year, a transport loop between the PRD’s major cities is taking shape, allowing people to travel between them in just a couple of hours.

Furthermore, Guangdong province is providing a series of preferential policies in relation to income, tax, job opportunities, gradually forming a financial eco-system to help attract top-draw talent to the region.

Planned by Xie Meiqin, Luo Yanjun, Zhang Ying, Guo Jiaxuan, Chen Ying

Reported by Tang Zitian, Guo Jiaxuan, Zhang Jun, Tang Liuwen, Peng Lin, Jiang Ximing (Intern)

Edited by Wing, Nan & Simon

This year Nanfang Daily reporters visited Shanghai, Zhejiang, Sichuan and other places to do the domestic research on finance. (Source: Nanfang Plus)

Competition for talent

There is fierce competition for talent in the financial sector. DBS Bank CEO Piyush Gupta said that due to digitalization in the banking sector, demand for talent has increased greatly. Those with expertise in big data and customer behavior analysis have become “hotcakes”.

The industry is still facing talent shortages. Song Shibin, an Associate Professor of Lingnan (University) College of Sun Yat-sen University, believes that the demand for high-end financial talents in Guangdong is much larger than supply.

“Taking the insurance sector as an example, many new companies and new business formats have emerged. There is a severe shortage of managerial talent.”

In recent years, many cities in Guangdong have introduced policies to attract overseas talent. Guangzhou’s Green Card Policy offers a worry free existence for talented expats working in the city. Shenzhen’s “Peacock Plan” provides cash awards of up to 3 million RMB. Foshan is providing housing subsidies of up to 6 million for high-end overseas talent. Zhuhai, too has launched 16 measures for different categories of talent.

This year Nanfang Daily reporters visited Shanghai, Zhejiang, Sichuan and other places to do the domestic research on finance. (Source: Nanfang Plus)

Bridging gaps

It is widely accepted that one of the advantages of the Greater Bay Area lies in the potential for talent flow. As an international financial center, Hong Kong has a huge reserve of talent in finance, consulting, law and other related industries. Today the convenient transport infrastructure in the region is making it normal for people to work across borders.

There are, however, certain differences between Guangdong and Hong Kong in terms the employment environment and supporting services.

For instance, many people are concerned about the difference in taxation. If Hong Kong and Macao citizens work in the mainland for more than 183 days, the individual will become a PRC tax resident. At present, Hong Kong’s tax rate is relatively low, around 15%, while the tax rate for executives in Guangdong is typically above 35%.

Another concern raised centres on children’s education. Song Yuesheng, Vice Chairman and President of Hang Seng Bank (China) Co., Ltd. explained that his company provides subsidies for accommodation, healthcare, children’s education for Hong Kong, Macao and foreign employees working in Guangdong, but that they still need policy support from the government in terms of educational resources.

Establishing a financial eco-system

James Lei, R&D Director of the Department of Intelligent Software and Systems at the Hong Kong Applied Science and Technology Research Institute (ASTRI), believes that the Area should establish a financial eco-system with preferential policies in taxation, education, medical care and many other fields, to enable individuals to live and work in Guangdong comfortably. He suggested establishing a think-tank alliance that can be a resource for those who run their businesses in the region.

Prof. Zhang Xiaojun from the Haas School of Business of University of California Berkeley believes it is a wise choice to expand cooperation between domestic universities and internationally renowned universities.

In addition, Song Shibin indicated that it is essential for Guangdong to develop its financial sector. If the local financial sector is not strong enough, fewer companies will base their headquarters in the region and less high-end jobs will be available to bring in talent.