Vincent H. Yu, a licensed physician in New York state, is thinking about setting up his own healthcare company in China.
He is not worried about funding, technology or a partner. His main problem is how to find the best place to start his business, with several Chinese cities offering attractive policies for overseas professionals like him.
At the Conference on International Exchange of Professionals in Shenzhen, Guangdong province, at the weekend, Yu witnessed many cities’ policy incentives in various areas, such as free workshops, startup funds and taxation.
“I’m very eager to bring research results from the United States to China to help extend people’s lives,” he said. “I simply want a platform to get started.”
Yu is lucky, as China wants to lure more international talent and entrepreneurs to start businesses in the country. Coastal provinces, including Jiangsu, Zhejiang and Fujian, are leading the way.
For example, Suzhou in Jiangsu, has attracted more than 300 foreign experts under its 1000 Talent Plan to start businesses or carry out innovative projects.
Many overseas Chinese are being encouraged to start businesses as the nation aims to become more innovation-driven. This follows the success stories of companies such as e-commerce giant Alibaba Group, whose market capitalization has risen to more than $250 billion.
Yuan Yuan, who works in the Suzhou Government Organization Department, said: “This idea of attracting overseas talent to start innovative businesses stems from our own situation. Suzhou, a tourism destination, has a good reputation among foreigners, and we have a solid industrial foundation.
“We have a long history of attracting outside talent despite the fact that we don’t have many prestigious universities,” Yuan added.
“With more overseas Chinese and foreigners wanting to seek opportunities in China, we want to take this opportunity to not only attract talent but to keep it in Suzhou.”
Vice-Premier Ma Kai said on April 18 that with the hard work of its people, China is now closer than ever to attaining its dream of national rejuvenation, meaning that it needs more talented people and is in a better position to give them “fame and glory”.
Ongoing reform in politics, the judiciary, business and talent recruitment policy has also provided the opportunity and the environment for talented people to start their own businesses or perform innovative work.
“China is comprehensively pushing forward the rule of law and this will offer a legal environment featuring equality, justice and transparency for talent at home and abroad,” Ma said.
The 10 most attractive Chinese cities for expatriates last year
Shanghai, Beijing, Shenzhen, Tianjin, Qingdao, Hangzhou, Guangzhou, Suzhou, Xiamen and Kunming.
Source: International Talent magazine and the China Society for Research on International Professional Personnel Exchange and Development.