According to the announcement posted on its official website regarding the introduction of mid-to-senior level talents, this recruitment is aimed at domestic and international securities and futures, investment, banking, insurance financial institutions, accounting firms, law firms and other intermediary agencies, as well as large state-owned enterprises listed overseas or simultaneously both domestically and internationally. The recruitment focuses on mid-to-high level professional talents in management and technical expertise areas. Priority will be given to high-level professional talents who have served as heads of the above-mentioned institutions, or held senior and above management or professional technical positions.
In November last year, Guo Shuqing was transferred from his position as Chairman of the Construction Bank to become the Chairman of the Securities Regulatory Commission. In over 100 days, Guo Shuqing has already launched several reform measures from the new share issuance system to the delisting system. Moreover, multiple capital market innovations have been placed on the agenda and are being expedited.
Jiang Fei
The last concentrated recruitment of returnees was during the period of 2009~2010 after the financial crisis. This round introduced 20 returning senior talents, who have now entered the management system of the CSRC. However, based on Guo Shuqing's current work list, the current talent gap may exceed the total number of talents introduced in the past ten years.
The reporter noticed that the CSRC's recruitment announcement specifically mentioned the issue of talent usage treatment. After the relevant talents are selected, they will spend a transition period in the "Planning and Development Committee" of the CSRC system. After one to two years, they will then be transferred to relevant business departments according to personal preference.
Reform of the new share issuance system, bond market interconnectivity, unified supervision of the over-the-counter market, margin lending and short selling business, government bond futures, high-yield bonds, asset securitization pilot projects, expansion of QFII and RQFII pilots, cross-border ETF... These are the long list of tasks on the hands of CSRC Chairman Guo Shuqing. Opening the door to attract talented individuals is currently the most urgent task. Yesterday, the CSRC officially announced the recruitment of mid-to-senior level talents from domestic and international financial institutions, state-owned companies listed overseas, as well as experts and scholars in the economic and financial fields and cadres at or above the section level in central ministries.
In fact, the salary and benefits of central-level national ministries are generally not high. Compared with the original salary and benefits of overseas international talents, the treatment of the CSRC system may be extremely limited.
The incentive mechanism is a challenge
The CSRC stated that it will provide corresponding working conditions and salary treatment for the introduced personnel according to national policies and combine them with actual situations. Talents who have entered the country's "Thousand Talents Plan" will enjoy corresponding treatments according to relevant regulations, and those who meet the application conditions of the "Thousand Talents Plan" will assist in their applications. The "Thousand Talents Plan" refers to the "Overseas High-Level Talent Introduction Plan" promoted by the Central Talent Work Group.
From the recruitment announcement, it can be seen that "returnees" remain the focus of this talent attraction. Since 1999, there have been four rounds of centralized recruitment targeting overseas talents. Widely known is the one in 1999, where the introduced returnees initially played the role of "high-level advisors." Two years later, the number of returnees in the CSRC approached 50 people, accounting for 20% of the total number, and most held primary or deputy positions, with the most famous being Shi Meilun, who once held the position of Vice Chairman.
Taking the field of new share issuance as an example, the reform ideas presented by Guo Shuqing will be revolutionary, with the marketization degree of the issuance review, new share pricing, and delisting three links expected to increase significantly. It is understood that the CSRC is currently conducting close research on the related systems of new share issuance in the U.S. market, which may be referenced. In the future, the CSRC may abandon some substantive review steps while emulating the U.S. Securities and Exchange Commission to establish a strong team of expert consultants to strengthen IPO information disclosure supervision.
"Returnees" remain the focus of talent attraction
"This is both a consistent grand strategy of the CSRC and the largest scale of talent introduction in recent years," said a person from the CSRC yesterday to the "First Financial Daily". "The CSRC Party Committee has always been promoting the retention and motivation of the existing cadre team while introducing external talents. The last concentrated recruitment was after the financial crisis. Since Chairman Guo came, the reform efforts in various aspects have been great, and many new regulatory fields need to be expanded, naturally increasing the demand for high-end professional talents."
The CSRC's preferred recruitment targets also include: experts and scholars with higher academic achievements, fame, and influence in the domestic and international economic and financial fields; management talents with rich management experience in the economic and financial fields, holding section-level and above positions in central ministries.
An expert engaged in public finance research told the reporter that compared to the quality requirements for mid-to-senior level talents in economic and financial management, the current civil servant salary levels are already extremely asymmetrical, and reform is inevitable.
On the other hand, the expansion of the CSRC system has also created an urgent demand for high-end talents. Since last year, new institutions established or about to be established within the CSRC system include the Securities Finance Company, Listed Companies Association, Fund Industry Association, Securities Investor Protection Bureau, and Bond Office. These institutions have drawn a batch of department-level cadres below the director-general level from other original departments, making the current human resources even more insufficient.