Shanghai’s financial sector is reopening, albeit at a gradual pace with only approved firms allowed and working capacity capped at less than half.
Employees returning to work at financial institutions cannot exceed 40 percent of total staff, according to a report by state media «Shanghai Securities News» citing a virtual meeting by local financial authorities.
There are also limits for the rate of returning workers, with each batch capped at 20 percent of total staff.
Financial institutions should resume work and production under the so-called «closed-loop» system – a bubble-like arrangement to isolate workers to prevent Covid transmission.
White List
The «white list» of approved financial institutions for resumption currently totals 864 entities, including Shanghai’s FX, stock and futures exchange as well as top Chinese lenders like Bank of Communications, Bank of China, ICBC, Agricultural Bank of China and China Construction Bank.
Global financial institutions whose offices were approved for resumption in the first batch include HSBC, JPMorgan Chase and Fidelity International.
More firms will be approved in later batches that will be published and special approval can be obtained for companies that need to increase the number of returning workers for certain reasons.
