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Working hard to attract returning overseas Chinese
By Shi Xiaohan |
September 1, 2011, Thursday
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Print Edition
Print Edition
HANGZHOU has been designated by the All-China Federation of Returned Overseas Chinese as a national model city for luring returned overseas Chinese entrepreneurs. With incentives from the government, affluent capital from the private sector and support from the returned professionals community, Hangzhou wants to make the returnees feel at home.
It is the second year that the Hangzhou Federation of Overseas Chinese has hosted the national Innovation and Entrepreneurship Summit of Returning Overseas Chinese Professionals. The summit aims to help returning elites as they try to upgrade the local economy.
During the three-day conference last week, the returnees introduced 119 projects that required investment and cooperation. Most are in environmental protection, pharmaceuticals, information technology and outsourcing industries.
"It took us a month and a half to categorize all the projects and help look for potential local partners before the summit," said Yuan Xinhao, publicity officer of the Hangzhou Federation of Overseas Chinese.
The Hangzhou Federation of Overseas Chinese, along with the Hangzhou Federation of Industry and Commerce, invited more than 400 local private companies to join the summit. Half of the projects have already had local partners.
Shen Youzhong, head of the service center of the Zhejiang Overseas High-level Professionals Innovation Park, said much of the success is due to the private sector's strong demand for cutting-edge technologies.
"The private sector is not short of funds, just prospects and technologies. For example, an X-ray sensor and detector project introduced by a returned overseas Chinese received investment totaling 200 million yuan (US$31.4 million) for its development and manufacturing in Hangzhou," Shen said.
The Zhejiang Overseas High-level Professionals Innovation Park is one of four national "Special Districts for Professionals."
Set up in July 2010, the park represents the highest level of innovation parks in Hangzhou. The park has already attracted more than 30 high-tech companies since its launch.
The park's construction funds and incentive policies are provided by provincial, municipal and district-level governments.
Yuhang District government decided to set aside 1 percent of its fiscal income and 1 percent of its land transfer profit to lure talents.
Last year, the district government spent 2.7 billion yuan trying to attract high-end professionals.
"It is important that the government takes the initiative to create a friendly environment and to eliminate the worries of entrepreneurs, so that they spare no effort in setting up their businesses," said Shen.
Incentive policies for returning talents covers areas such as housing, medical care and education.
"We offer housing stipends of up to 3 million yuan to encourage the professionals to settle down in Hangzhou," Shen said.
Efforts have also been made within the circle of returned talents to offer assistance for new returnees.
Haibang VC is the first venture capital firm set up by returned overseas Chinese specifically serving new returnees in China. It was launched in Hangzhou in January with start-up capital of 150 million yuan.
The directory board of Haibang VC delivered a group speech at the summit encouraging new returnees to start their own businesses.
"As returnees, we have been through the whole process from setting up our own business to having our companies listed. Our first-hand experience allows us to help new returnees make more informed decisions," said Yao Naxin, director of Haibang VC.
"Returnees with cutting-edge technologies are the major force in upgrading the economy," Yao added. "Investment for their start-up businesses can provide them with not only the funds to develop their business, but also the confidence and guidance to realize their ambitions."
It is the second year that the Hangzhou Federation of Overseas Chinese has hosted the national Innovation and Entrepreneurship Summit of Returning Overseas Chinese Professionals. The summit aims to help returning elites as they try to upgrade the local economy.
During the three-day conference last week, the returnees introduced 119 projects that required investment and cooperation. Most are in environmental protection, pharmaceuticals, information technology and outsourcing industries.
"It took us a month and a half to categorize all the projects and help look for potential local partners before the summit," said Yuan Xinhao, publicity officer of the Hangzhou Federation of Overseas Chinese.
The Hangzhou Federation of Overseas Chinese, along with the Hangzhou Federation of Industry and Commerce, invited more than 400 local private companies to join the summit. Half of the projects have already had local partners.
Shen Youzhong, head of the service center of the Zhejiang Overseas High-level Professionals Innovation Park, said much of the success is due to the private sector's strong demand for cutting-edge technologies.
"The private sector is not short of funds, just prospects and technologies. For example, an X-ray sensor and detector project introduced by a returned overseas Chinese received investment totaling 200 million yuan (US$31.4 million) for its development and manufacturing in Hangzhou," Shen said.
The Zhejiang Overseas High-level Professionals Innovation Park is one of four national "Special Districts for Professionals."
Set up in July 2010, the park represents the highest level of innovation parks in Hangzhou. The park has already attracted more than 30 high-tech companies since its launch.
The park's construction funds and incentive policies are provided by provincial, municipal and district-level governments.
Yuhang District government decided to set aside 1 percent of its fiscal income and 1 percent of its land transfer profit to lure talents.
Last year, the district government spent 2.7 billion yuan trying to attract high-end professionals.
"It is important that the government takes the initiative to create a friendly environment and to eliminate the worries of entrepreneurs, so that they spare no effort in setting up their businesses," said Shen.
Incentive policies for returning talents covers areas such as housing, medical care and education.
"We offer housing stipends of up to 3 million yuan to encourage the professionals to settle down in Hangzhou," Shen said.
Efforts have also been made within the circle of returned talents to offer assistance for new returnees.
Haibang VC is the first venture capital firm set up by returned overseas Chinese specifically serving new returnees in China. It was launched in Hangzhou in January with start-up capital of 150 million yuan.
The directory board of Haibang VC delivered a group speech at the summit encouraging new returnees to start their own businesses.
"As returnees, we have been through the whole process from setting up our own business to having our companies listed. Our first-hand experience allows us to help new returnees make more informed decisions," said Yao Naxin, director of Haibang VC.
"Returnees with cutting-edge technologies are the major force in upgrading the economy," Yao added. "Investment for their start-up businesses can provide them with not only the funds to develop their business, but also the confidence and guidance to realize their ambitions."
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