Chinese financial institutions are set to exploit the widespread job losses in western financial centres as a result of the credit crunch by next month embarking on a hunt for financial experts willing to relocate.
The Shanghai Financial Service Office has told state media the city is sending a delegation to New York, Chicago and London to recruit specialists in risk management, asset management, product research and development, macro-economics and policy analysis.
The head of human resources at the office said at least 27 financial institutions in Shanghai, China's commercial and financial hub, had listed more than 170 vacancies specifically targeting foreigners.
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