Eleven Beijing-based national and local financial companies are adding 142 new, high-paying jobs in the Chinese capital city that will open Wednesday.

The positions, revealed by Cheng Yanhong, director of the Finance Office of Beijing Municipal Government, target mainly high-end finance applicants, marking the first time in Beijing's financial industry in which recruiting such jobs has been undertaken by government rather than individual financial companies.

"We are in a war for professionals," Cheng said. "Domestic financial companies are facing looming challenges from foreign giants with China's accession to the World Trade Organization."

"We see an increasing need to attract professionals for the whole industry," Cheng said.

According to Yuan Fang, director of the Beijing International Finance Human Resource Service Centre, sponsor of the event, the new jobs are being added by some of the country's top financial companies, including the Bank of China, China Life Insurance Co Ltd, Beijing Commercial Bank, China Pacific Insurance Co Ltd, New China Life Insurance Co Ltd, Taikang Life Co Ltd and China Asset Management Co Ltd.

The job openings will last for 11 days, according to Yuan.

In addition to the jobs, special recruitment channels also have been established in the center for professionals from abroad, who specialize in financial planning, securities analysis, financial management, investment analysis, accounting and information systems.

A platform for financial personnel has been planned for Beijing-based domestic companies, Yuan said.

"Fierce competition for financial professionals has started between domestic and foreign companies," said Zhao Ziliang, general manager of Human Resources Department of New China Life Insurance Co Ltd.

"We well understand that it is talented people that established the history of New Life. We are aiming to improve our strategy for human resources to build a better company."

(China Daily May 19, 2004)