Recruiting in China

The China Securities Regulatory Commission (CSRC) has reportedly shortlisted about 840 executives from the US financial sector to work in China.

The CSRC is on a mission to the US to recruit about 1,700 such executives, mostly ethnic Chinese, threatened by the economic crisis.

The commission's team is now in Chicago after interviewing 150 candidates in New York from Jan 17 to 19.

Another team, commissioned by 20 financial institutions from Shanghai, was in the US last month.

The ongoing overseas drive will not be the last, a CSRC official said, because the China Banking Regulatory Commission, China Insurance Regulatory Commission and the People's Bank of China are planning similar missions to the US.

The CSRC recruits will get one year to adapt to China's working environment. During that period, they will work as research consultants for CSRC's capital market planning and development committee.

After a year, they can opt to work for CSRC's other divisions, or the Shanghai or Shenzhen stock exchanges - or choose to continue their research work.

"Faced with uncertain times, many overseas Chinese in the US financial sector are looking for openings back home. They just need a channel to do so," said Chen Xunyong, chairman of Wall Street Ren, one of the largest financial associations of ethnic Chinese in the US.

Over 100,000 jobs were lost in the US financial sector in 2008, and more are likely to be cut this year, Challenger Gray & Christmas Inc, a Chicago-based placement agency, has said.

But not everyone has welcomed the overseas recruitment drive. For instance, Cai Jiaqi, of Shanghai's municipal committee of the Chinese People's Political Consultative Conference, advises caution.

"Some overseas experts may use the 'financial alchemy' they have learned on Wall Street to harm, rather than benefit, Chinese companies," Cai said.