Shenzhen has doubled its budget for programs used to attract talented people to the city, raising the total to 4.4 billion yuan ($675 million) in a bid to attract more academics and professionals which will fuel the city’s growth.
According to Science Net, the city government will offer generous incentives to world-class scientists and researchers who have a career of engaging in nationally or internationally acclaimed research projects.
Should these individuals come to the city they will be made three offers. The first is a one-off cash payment of 6 million yuan, the second is a 10-year lease on a 200 square-meter apartment, and the third is a 10 million yuan payment in cash and benefits made available after 10 years.
University students are also in line to benefit, with incentives on offer for recent graduates. Those with a bachelor’s degree will be offered 15,000 yuan in one-off housing subsidies to move to the city. Those with a master’s degree or a PhD will be offered similar benefits of 25,000 and 30,000 yuan respectively if they land a job in the city.
The new measures come as the Chinese government last week called for governments at all levels to put in place talent development policies which will help nurture new engines of growth in the economy through innovation and entrepreneurship.