Shanghai competing for local talent

Shanghai authorities are introducing a scheme to attract foreign talent that will allow “high-level foreign professionals” to apply for a Shanghai Residence Card. Under the scheme, some Hong Kong and Macau residents will be able to apply for the local hukou – permanent residence and citizenship, provided that they give up their Hong Kong and Macau ID cards in the two special administrative regions.
According to the Shanghai Daily, these foreign talents can apply for the Shanghai Residence Card B and are exempted from mandatory presentation of documents such as health certificates, employers’ business licenses and certificates of residence ownership or registration forms of temporary accommodation.
The Shanghai Residence Card B enables foreigners to enjoy certain benefits that applies to holders of Card A, who are necessarily Chinese citizens. Applicants need to be working or starting up private businesses in Shanghai and be holders of a bachelor or higher educational degrees.
Still according to Shanghai Daily, foreign investors have to submit an auditing report covering the previous fiscal year. The validity length of the Shanghai Residence Card B depends on credits the applicants can get based on their own background, such as education qualification, age, career and achievement.
Under the scheme, applicants with credits above 65 can get a Card B valid from one to 10 years — the higher the points, the longer the card is valid.
Benefits for expatriates with Shanghai Residence Card B will also be upgraded. Besides participating in local social security systems and education opportunities for their children, foreigners with Card B can apply for “high-end talent” certificates to enjoy simplified customs clearance service for their research, teaching and personal materials. For example, customs officials may not open packages held by Card B foreigners unless there are special circumstances.
Card B foreigners can also participate in the local housing provident fund to use it for buying or renting a residence and paying property management fees as local residents do. If they stop working in Shanghai, they can also have their deposits transferred to the fund operating in other cities where they move to.
With Card B, returning Chinese and “special talent” residents from Hong Kong and Macau can apply for subsidies from a special fund for their life and work needs in the city.
Foreigners who have a five-
year Shanghai Residence Card B but no permanent residence permits can apply for a working class residence permit for the same validity length and apply for a permanent residence permit after three years only if they have been recommended by their employers.
The scheme is an upgraded version of the previous Shanghai’s resident policies regarding overseas talented people. It is being implemented by the Shanghai Human Resources and Social Security Bureau (www.12333sh.gov.cn) and the Shanghai Administration of Foreign Experts Affairs (www.shafea.gov.cn).

shanghai up-and-coming for finance

According to recent survey of finance professionals, Shanghai ranks as the top pick among the world’s international cities to develop into a global finance center in the near future. The city will be trailed into the period by Beijing, Shenzhen, Qingdao and Dalian, according to statistical data and a survey of finance professionals. The findings are based on an index that measures cities for their attractiveness to finance services professionals. It measures and a poll of finance. Eight of the top 15 cities expected to rise in the ranking are from the Asia-Pacific region, including the five aforementioned Chinese cities. Hong Kong, Singapore and Tokyo also ranked highly.