reactors around the country and recently announced plans to start construction on 10 new plants per year. Three-quarters of the nuclear reactors scheduled to be built globally over the next decade will be in China. Although China has sought foreign assistance in the training of nuclear inspectors, concerns remain over the safety of so many new reactors, many of which are near large cities. The August dismissal and detention of Kang Rixin, president of the China National Nuclear Corp, under allegations of a US$260 million bid-rigging construction scandal, emphasized both the dangers involved and the Chinese government’s determination to take safety issues seriously. In late October, Prime Minister Wen Jiabao called for a quintupling of domestic nuclear safety inspectors by 2011.
including Bank of Shanghai and the Shanghai Stock Exchange, participated in a recruitment tour to New York, Toronto and Singapore in December, aimed at high level financial talents, offering salaries ranging from US$71,000 to US$285,000 per year with tax cuts, housing, insurance and education support from the Shanghai Municipal Government. China’s State Council plans to transform the city into a global financial center by 2020 and currently has 116 job vacancies for qualified candidates, particularly in risk management. Although the number of financial professionals in Shanghai has increased fivefold since 2003, less than 20% have internationally recognized financial analyst or financial planner qualifications, while most lack experience with innovative financial products.
SHANGHAI BUSINESS
Dubai financial troubles hit home
Finance sector recruits expats Seventeen Shanghai financial institutions,
6
INSIGHT
The intended US$220 million construction of a “Shanghai Island” in Dubai has been halted after Dubai hit financial troubles.
J A N U A RY / F E B R U A RY 2 0 1 0
Originally slated to be completed by next year, the resort would have been situated on an archipelago and composed of luxury resort villas as well as a reproduction of Shanghai’s skyline. Having lost only 30% of the US$28 million land price, developer Hu Bin, chairman of Zhongzhou International Group Co., plans to focus his efforts and resources on a 150-villa development located just outside of Shanghai.
Retail sales increase Shanghai’s November retail sales of RMB43.4 billion grew 13.8% year-on-year, slower than the peak purchasing holiday month of October (14.1%). Steady retail sales are considered an economic counterbalance to declining exports. Car sales in the city rose over 23% since last year, while Shanghai restaurants reported a 10% gain in business over the past twelve months. Consumption is expected to show continued growth into the next year, bolstered by continued government stimulus policies favoring automobile and appliance sales.