Shanghai’s Pudong district is considering ways to help it compete with Tianjin and Shenzhen as it attempts to become a world financial center, the South China Morning Post reported. To compete for foreign talent, Pudong may offer tax incentives to overseas bankers, brokers and insurers. Other possible incentives will include rental subsidies, tax rebates, free annual health checks and a streamlined process by which foreigners can become Shanghai residents. The incentives, which would last until the end of 2010, are being discussed with mainland tax authorities. Pudong is the base for such companies as Citigroup and HSBC, but is competing with Shenzhen and Tianjin to attract insurance firms, banks and brokerages.
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