These mea­sures are de­signed to be prac­ti­cal and ef­fec­tive and they can turn Shang­hai into a place where such tal­ents can en­joy their ca­reers and re­al­ize their full po­ten­tials.”

China Daily (Canada) - - FRONT PAGE -

a vi­tal role in the de­vel­op­ment of a mar­ketable prod­uct.

“To fur­ther en­cour­age tech­no­log­i­cal in­no­va­tion from for­eign tal­ents, we will in­tro­duce a mar­ket-based price mech­a­nism and those who achieve con­sid­er­able re­sults with their re­search will stand to gain no lower than 70 per­cent of the re­sul­tant earn­ings, up from the pre­vi­ous bench­mark of 50 per­cent,” said Ma Xingfa, deputy di­rec­tor of the Shang­hai Science and Tech­nol­ogy Com­mis­sion.

Another mea­sure is aimed at pro­mot­ing entrepreneurship within the tal­ent pool, with the new pol­icy ex­tend­ing the in­cu­ba­tion pe­riod for star­tups to be­tween three and five years. Dur­ing this pe­riod, these en­trepreneurs would still be able to re­ceive so­cial se­cu­rity, en­joy the right to earn pro­mo­tions at their cur­rent com­pa­nies and ap­ply for other jobs.

How­ever, some ex­perts say this par­tic­u­lar mea­sure pro­vides as­pir­ing en­trepreneurs with too much pro­tec­tion.

“We usu­ally con­sider half a year as a rea­son­able in­cu­ba­tion pe­riod for a startup. This pol­icy gives en­trepreneurs too much lee­way and this could limit the op­por­tu­ni­ties for more promis­ing ven­tures,” said Zhou Xuanbo, a re­searcher with the in­for­ma­tion net­work un­der the De­vel­op­ment Re­search Cen­ter of the State Coun­cil.

Also part of the agenda is tal­ent re­ten­tion and the lo­cal gov­ern­ment has tweaked visa reg­u­la­tions to make it eas­ier for for­eign­ers to ap­ply for a per­ma­nent res­i­dence. The new pol­icy states that those with an an­nual in­come of 600,000 yuan ($96,700) and above and who have paid 120,000 yuan as in­di­vid­ual in­come tax per year for four con­sec­u­tive years are el­i­gi­ble to ap­ply for per­ma­nent res­i­dency. Un­der the orig­i­nal pro­vi­sions, for­eign­ers must at least hold a vice-gen­eral man­ager role or a ti­tle as as­so­ciate re­searcher or above be­fore they could ap­ply.

In other words, high-level for­eign work­ers will now be iden­ti­fied by their in­come and tax

Han Zheng,

Shang­hai Party Chief

pay­ments in­stead of job ti­tles.

The iden­ti­fi­ca­tion process for top lo­cal tal­ents has also been mod­i­fied. Ac­cord­ing to Mao Dali, deputy di­rec­tor of the Shang­hai Mu­nic­i­pal Hu­man Re­sources and So­cial Se­cu­rity Bureau, the Shang­hai gov­ern­ment will be on the look­out for four types of do­mes­tic tal­ents — those with en­tre­pre­neur­ial skills in ven­ture in­vest­ment, ex­perts in en­ter­prise science, ex­perts in tech­nol­ogy, and those who spe­cial­ize in in­ter­me­di­ary ser­vices for in­no­va­tive entrepreneurship.

The most out­stand­ing of the lot will also get to en­joy res­i­dency priv­i­leges. This group of in­di­vid­u­als will be able to ob­tain a Shang­hai res­i­dence per­mit within three and five years, down from seven years.

“The per­ma­nent res­i­dence reg­is­tra­tion pol­icy will be given full play in a bid to at­tract tal­ents from places out­side Shang­hai. De­tails are be­ing mulled and are ex­pected to be pub­lished in Septem­ber,” Mao said.

GAO ERQIANG / CHINA DAILY

The Shang­hai gov­ern­ment's new mea­sures make it eas­ier for for­eign­ers to work in the city.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.