Shang­hai is at­tract­ing lead­ing tal­ent

China Daily (Canada) - - NEWS CAPSULE -

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.

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