Shanghai is attracting leading talent
Incentives have significantly increased the number and variety of professionals coming to work and live in Shanghai, according to officials.
The policies include easing restrictions on permanent residency, reducing tax rates for startups, offering space in specially built high-tech business parks, and a pilot program that provides support to researchers to commercialize their findings. Officials also allow teams to take up to 70 percent of the profits from successfully commercialized research.
One of the drivers of the policy program is the Shanghai Institute of Materia Medica, which is under the aegis of the Chinese Academy of Sciences. It has set up 15 new research and development centers in those six months, which have attracted businesses with total contract value of 800 million yuan ($121.8 million) on their books.