Shanghai will carry out new policies to create a better work and living environment to retain non-local professionals, including expats, and to stabilize the growth of consumer prices, the Shanghai’s Party Secretary Yu Zhengsheng told a meeting in town recently.
These new initiatives are crucial to Shanghai’s goals on economic restructuring and development as well as to ensure social stability, Yu stressed at the two-day plenary session of the Party’s Shanghai Committee, which concluded recently.
The city’s top leaders said Shanghai is experiencing a brain drain, losing its needed professionals in various industries, mainly because of the rocketing local living expenses.
The difficulty of affordable housing for young professionals is the biggest obstacle to Shanghai realizing its restructuring goals, said Mayor Han Zheng at the same meeting.
He said that some high-end technology and research industries are being especially hard hit. Many of their talented young workers from overseas are leaving to work where they can get good pay and pleasant, lower-cost housing