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November 1, 2012

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Incentives will help to attract top talents

SHANGHAI will offer incentives including low-cost housing and permanent residency to non-local professionals in key industries to attract and keep them in the city, officials said yesterday.

The city government will provide affordable homes to more professionals in the technology sector and support local enterprises to build apartments for them, said Ma Jing, chief engineer of the Shanghai Municipal Economic and Information Technology Commission.

The government will also open a "green channel" to allow these professionals to become permanent residents, Ma told a meeting with the city's political advisory body.

Local companies will offer higher salaries as well as stock options and bonuses to talents with government support, he said.

"Many industries are short of professionals to support booming development in recent years but have no way to attract talents," Ma said.

Local companies especially lack leading experts in heavy industry, the auto industry and medical profession mainly because the city had few incentives to keep them here, he said.

The number of research and development professionals account for only 3 percent of the total workforce in key industries. The percentage equals the national average but has not increased in recent years, he added.

"With these new incentives, local companies will be able to build more than 3,000 R&D centers at district level by 2012, another 600 at city level and 60 at the national level," Ma said.

The government will also encourage foreign companies to set up R&D centers.


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