Hangzhou lures global talents with maximum subsidy of 100m yuan

A foreigner displays his permanent residence identity card in Hangzhou, Zhejiang province, June 16, 2017. [Photo/VCG]

Hangzhou, the capital of East China's Zhejiang province, is mulling policies to attract more talents with a global vision, according to Qianjiang Evening News.

Foreign professionals working in the city will be given favorable policies in applying for permanent residence, entry-exit visas and residence permits as the city looks to emulate metropolises such as Beijing, Shanghai, Guangzhou and Shenzhen, according to an opinion issued recently by the Hangzhou city government and Party committee.

Foreign entrepreneurs who bring in projects in line with the city's industrial orientation can be awarded a startup subsidy of up to 5 million yuan (nearly $800,000), with the maximum subsidy capped at 100 million yuan for especially outstanding projects.

In addition, an international entrepreneurship park will be established, with qualified entrepreneurs allowed a startup subsidy of up to 5 million yuan, and important technological projects will be granted a maximum of 3 million yuan in funding support and tax benefits.

For foreign students who choose to work in China, master's graduates are to be granted a living (renting) subsidy of 20,000 yuan and PhD graduates 30,000 yuan. Those working at postdoctoral research institutes are to be entitled to an additional 20,000 yuan subsidy.

The city also plans to build more facilities to meet the demands of foreigners working in China. By 2022, 10 schools for children of foreign workers will be established, and a batch of international residential communities will cover the city.

As for domestic skilled workers, the city encourages local talents to attend global skill competitions, and will award up to half a million yuan to prize winners.

To cultivate domestic talents with globally recognized competency, Hangzhou will publish catalogue guidelines for qualification certificates in trades such as finance, tax, law and equipment manufacturing and award each qualification certificate holder a 20,000 yuan subsidy.

So far, the city has drawn 29,000 high-level graduates returning from overseas studies as well as 15,000 high-level foreign workers to settle there.