China has come up with a strategy to create its proposed global innovation and technology powerhouse in the Greater Bay Area.
By the “Greater Bay Area” is meant the Chinese government’s ambitious plan of linking Hong Kong and Macao with other nine cities of – Dongguan, Foshan, Zhuhai, Guangzhou, Huizhou, Shenzhen, Zhaoqing, Jiangmen, and Zhongshan. All these will be integrated into a business and economic hub.
It is for developing this Greater Bay Area that China requires talent. China plans on sourcing this talent from across the country and from overseas.
On August 18, 2019, China has revealed a detailed plan for reforms that will be implemented in Shenzen. The three-phased plan for Shenzen involves –
Innovation seems to be at the core of the plan.
A national science center is also proposed to be built in Shenzen.
Shenzhen has always been an immigrant city. Nevertheless, it has only succeeded in getting migrants from across China so far.
All that is set to change with flexible policies in place for attracting and retaining international highly skilled talent.
As part of the initiative to lure foreign talent, Shenzhen will be allowing foreigners that get the Chinese permanent residency to set up tech companies in China and serve as legal representatives in scientific institutions.
In the past, not many foreign nationals have succeeded in getting a Chinese green card. The requirement of the applicant having made “major and extraordinary contributions” to the country is often a big hurdle.
Shenzhen also plans on extending tax breaks to the best local and overseas talents.
The residents of Macao and Hong Kong that work in Shenzhen will be treated as citizens and be entitled to the locally available social welfare benefits.
Only time can tell if the ambitious plan for Shenzhen can achieve its purpose of acquisition of international talent.
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