Binjiang upgrades high-level overseas talent plan, hikes project subsidy

Hangzhou's Binjiang District hosted the 2024 International Talent Festival on May 26, where it upgraded the 5050 High-level Overseas Talent Plan, which offers various incentives for talent and promising projects, making the district a leading labor market and innovation center in Zhejiang Province.

In the new version, the district government will provide more effective methods to approve promising projects and the subsidy for each project has been raised up to 20 million yuan (US$2.7 million).

"Binjiang is always willing to show sincerity by offering capital and supportive services to help startups grow," said Wang Lianjun, vice director of the district's talent department.

In 2010, Binjiang issued the first edition of the plan, which was revised five times in accordance with industrial reform and upgrading. During the past 15 years, the plan has incubated eight China-listed firms and 46 unicorn companies. Over 90 percent of the subsidized companies have survived in competitive markets.

Supporting professionals from new industries has always been the core of the plan. In recent years, some new industries have sprung up, becoming new engines to stimulate development such as artificial intelligence, meta universe, synthetic biology and quantum technology.

Now, young skilled people from these new industries can apply for the Qinglian (青链, youth link), which will grant qualified talent up to 5 million yuan within three years. Qinglian is considered the younger version of the 5050 talent plan, since the average age of skilled people is 33.5 years in Binjiang.

The district is expected to be one of the world's top high-tech zones by 2035, capable of competing with Shanghai's Zhangjiang High-Tech Park and Beijing's Zhongguancun Science and Technology Park.

Ti Gong

For years, Binjiang has used preferential policies to broaden the talent pool, providing incentives and capital to professionals looking to start new businesses.

This year, a total of 2,221 professionals have settled in the district so far, with the cumulative talent number reaching 480,000, thanks to highly effective government services, a good business environment and alluring policies.

To attract more top-flight talent, Binjiang has set up nine new postdoctoral research workstations in tandem with local companies and research and development organizations, including Inventronics, Supcon, HXME and UniTTEC. The district now boasts 89 workstations of this type, ranking first in Zhejiang.

For years, Binjiang has formed the "talent, technologies, projects, capital, industrialization" mode, and R&D organizations, companies and businesses are attempting to generate win-win results by supporting employment and simultaneously employing talent for businesses.

The talent festival was a big event for people sharing their plans and getting to know new government entrepreneurial policies and the 5050 plan. As part of the festival, the "Hi Tech" Global Youth Entrepreneurship Competition also drew prospective businesses and individuals to the area.

Last year, the competition received interest from 391 projects with cutting-edge digital economy and biomedical technologies competing for the government's 100-million yuan grant.

This year, Binjiang will host the competition overseas, including Europe, Asia and North America, to attract promising projects and talent from the three main industries of Internet of intelligent things, biomedicine and advanced manufacturing. The winner will receive a sum of startup capital.

To provide effective visa services, Binjiang established the first port platform for visa application in Zhejiang. The platform utilizes cloud computing and big data to review and process visa documents, which will streamline the application procedures for expats.

Binjiang's Geely Group, Dahua, Inventronics, Hailiang Group and Boreasa have built a talent pool geared toward overseas professionals. These companies will conduct activities and offer services to overseas professionals via seminars and business collaboration.

Although Binjiang covers only 72 square kilometers, it has cultivated 2,601 high-tech companies and 73 listed firms. As the hotspot of high-tech innovation in Zhejiang, Binjiang boasts a couple of national R&D bases in partnership with universities and research institutes.

For instance, it is building a new scientific valley at the cutting edge of zero-magnetism technologies.