Hong Kong is continually strengthening its financial ties to the mainland – the city has cemented its place as the world’s leading off-shore yuan hub and launched a stock connect scheme with Shanghai. But when it comes to working in the mainland, most Hongkongers remain wary Share on twitter.
Two-thirds of young Hongkongers are unwilling to work across the border, says a survey carried out by the Chinese University’s Hong Kong Institute of Asia-Pacific Studies and reported in the South China Morning Post. The survey found that only 30.9% of respondents were “willing” and a mere 2.3% were “very willing” to look for jobs in mainland China.
Although the survey was not specific to the financial sector, it reflects what recruiters and HR professionals have regularly told us: convincing Hong Kong-based finance professionals to make the move is difficult, despite skill shortages in Chinese banking. “As Shanghai is a more China-focused market, it is more inwardly looking, which leads to a lower number of expatriate professionals working there,” John Mullally, associate director, financial services, at Robert Walters in Hong Kong, told us last month. “The level of sophistication of some roles in Shanghai is also not as sophisticated as in Hong Kong.”
But while the survey respondents were primarily concerned about the about the rule of law and “unfamiliar” way of life in mainland China, financial services folk are (predictably enough) mainly worried about lower salaries and high taxes there, say recruiters.
Meanwhile:
Malaysia’s three-way mega bank merger has been called off. (Straits Times)
Former Credit Suisse trader in Hong Kong is banned for life from the city’s financial industry after covering up losses. (Bloomberg)
Labour regulations are key concerns of Singapore businesses, says new survey. (Today)
DBS Vickers wins big in AsiaMoney’s brokers poll. (Business Times)
Don’t mention the B word at Goldman Sachs. (Independent)