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History at a Glance

 

China's financial industry has experienced highs and lows along with all of China’s history. Among the dramatic changes from the beginning to rise, financial education has played a key role. At the beginning of the republic, there was an urgent need for large numbers of financial professionals due to the establishment of branches of the People's Bank of China and the creation of a new financial system. In order to meet the needs of economic development, the People's Bank of China decided to start financial education as soon as possible. In 1952, Shanghai Banking School was established and today it is now known as Shanghai Finance University.

 
Enduring the difficulties, times always remain fresh. During the past 60 years, the university has experienced a founding, a merger, a closure, a reopening, a promotion and several relocations. From Shanghai Banking School to Shanghai Finance School and Shanghai Finance College, it has achieved a leap in financial globalization development from single disciplinary to multi-disciplinary areas. This in turn has created a win-win situation that education is closely related to the country’s financial development.
 
Establishment—Early Times
 

Based on the requirements of business development, the People's Bank of China decided to set up a formal banking school to cultivate banking cadres and technical talented people. In 1952, East China of People’s Bank of China, People's Bank of China Shanghai Branch established the “East China banking school of People’s Bank of China " and " Shanghai Banking School”. In early 1955, the two schools merged into “Shanghai Banking School of the People's Bank of China”. In 1956, Shanghai Banking School moved to a new location in Suzhou with a new name “Suzhou Banking School of the People's Bank of China”. The school was closed in August, 1958. During the six years, it had cultivated more than 2,000 graduates, who were then distributed to 17 provinces and cities throughout the country. These graduates then became the pioneers and leaders of the financial field.
 
Developing amidst twists and turns—Shanghai Finance School period
 
Following the requirements from the central government to strengthen financial work, in March 1960, Shanghai Finance Bureau and the People's Bank of China Shanghai Branch jointly established Shanghai Finance School. The school was closed down in 1969. In 1978, the School reopened with the new name “Shanghai Finance School” offering three majors: fiscal science, finance, and foreign exchange. During the 10 years, it produced more than 1,400 graduates, of which 58% worked in finance and banking departments.
 
Constantly strive to become stronger—Shanghai Banking School period
After the Third Plenary Session of the Eleventh CPC Central Committee, in order to carry out Deng Xiaoping's instruction “let the banks be the truly banks,” China’s financial system started reforms. In March 1982, Shanghai Finance School was split into Shanghai Banking School and Shanghai Finance School. Under the leadership of the People's Bank of China, the school moved to Minxing Road district in 1984 and school conditions was improved. At that time the school offered programs and majors in finance, insurance, accounting, foreign exchange etc.
 
Endeavor and bravely advanced—Shanghai Finance College period
 
In the early 1980s, the Party Central Committee and the State Council made the decision to build Shanghai into a financial center, thus Shanghai yearned for financial talent. The People's Bank of China worked together with the Shanghai Municipal Government to build a financial specialist institution. In 1987, with the approval of the State Education Ministry, Shanghai Finance School was renamed to Shanghai Finance College; The college insisted on the strategy of “relying on the industry, serving the society” and offered the following 5 majors: finance, accounting, auditing, secretary, international finance and insurance. It also bore the task to train the cadres and professionals of the financial industry. In 1990, China's first securities professionals training base - Shanghai Securities Professional Training Department was set up in the college. Subsequently, from 1993 to 1995, the college opened three securities specialized classes, and cultivated the first batch of security experts with higher education degrees.
 
Seizing opportunities—Promotion to undergraduate university
 
In 2000 the college was transferred to the leadership of the local government. It has actively participated in the overall layout of Shanghai Higher Education and Talent Training. Under the support of the Shanghai Municipal Government and related industry departments, it firmly grasped the golden opportunity of Shanghai International Financial Center Construction and Shanghai Higher Education pilot reform. Shanghai Finance College was then promoted to a university-level institution and was renamed Shanghai Finance University, opening a new chapter of history.