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February 14, 2011

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Home » Metro » Entertainment and Culture

1m yuan to lure professionals home

OVERSEAS Chinese professionals returning to Yangpu District to start a business could receive an initial fund of 1 million yuan (US$151,682), officials said yesterday.

Potential projects will be assessed by the district's innovation and enterprising base. According to Chai Yaoxun, deputy director of Yangpu District, each approved start-up project will also receive free office space.

In a bid to encourage overseas Chinese professionals to start businesses in Yangpu District, a web-based meeting was held yesterday. A series of policies were unveiled by government officials to more than 120 professionals and scholars from the Chinese Scholars Association - Southern California.

Start-up projects will be granted a maximum credit guarantee loan of 2 million yuan over two years.

Speaking on behalf of returned overseas professionals who have benefited from Yangpu's policies, Li Ying, vice president of EMC China, said adapting was easy.

"Many worry whether they can get used to life in Shanghai after years overseas. Yangpu government supported us and enabled us to concentrate on our work."

By the end of 2009, the Chinese American population stood at 3.64 million, accounting for 1.2 percent of the total population.

More than half live in California and New York states.


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