Joy Yang is not quite a haigui yet. The far-ranging sea turtles lend their name in Chinese slang to people who return to the mainland after studying abroad. But Ms Yang, a young Shanghainese economist at Mirae Asset Securities, has returned only as far as Hong Kong and, like many of her generation, does not see the value in going back to Shanghai – for now.
That is a blow to Shanghai. If it is to cut it in the big league of cities specialising in financial services, it needs people with international experience.
Ms Yang’s reasons for not returning echo a refrain common among her peers and financial recruiters. “Salaries on the mainland are still much less than international equivalents and personal tax rates are too high – especially compared with Hong Kong,” she says. Schooling and hospitals also leave much to be desired.