Foreign holders of Chinese permanent residence cards are being encouraged to start up hi-tech enterprises in Shanghai's Pudong district, the first such favorable policy for foreign talents in China.
Foreign talents who hold permanent residence cards are now allowed to establish technology enterprises in Shanghai's Pilot Free Trade Zone (FTZ) and will enjoy the same priority as Chinese residents, according to the Market Supervision Administration of Pudong New Area, Shanghai on Monday.
Foreign talents can establish limited liability companies, partnership enterprises and proprietary enterprises inside the FTZ. Foreign talents refer to "high-level" talents who are recognized by Shanghai human resources authorities or human resources bureaus in Shanghai's Pudong district.
Scientific and technology enterprises refer to businesses that offer technological development, transfer, consulting and products.
Shanghai cannot realize its aim of becoming an extraordinary global city with creativity and competitiveness without the participation of foreigners, an official from the Pudong district told thepaper.cn.
Pudong will attract talents from around the world and offer convenience for them, the anonymous official said, adding it is the first move of its kind in China.
The favorable policy targeting foreign talents was only one of 20 measures that the municipal government has released to optimize the business environment in Pudong district.
The Shanghai FTZ covers 120.72 square kilometers in total, and includes the Lujiazui Financial Area, Jinqiao Export Processing Zone and Zhangjiang High Tech Park.