A World Top-Class Science Park to Attract World Top-Class Human Resources -----How Zhongguancun...
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![Page 1: A World Top-Class Science Park to Attract World Top-Class Human Resources -----How Zhongguancun Science Park Becomes a Magnet for Overseas Returnees Zhang.](https://reader030.fdocuments.net/reader030/viewer/2022032801/56649d535503460f94a2f2bd/html5/thumbnails/1.jpg)
A World Top-Class Science Park to Attract World Top-Class Human Resources
-----How Zhongguancun Science Park Becomes a Magnet for Overseas Returnees
Zhang Qian
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I. Chinese Overseas Returnees
3 waves of fever to study abroad and the number of people going broad to study has reached 802,000. u The 1st wave was in the early 1980s u The 2nd wave started in the 1990su The 3rd wave continues from 2000
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u Wave of returning
By 2005, 190,000 of the oversea Chinese has returned with an annual increase of 13%
u Hai Gui -Sea Turtles returning to the shores they left to grow up in the sea.
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II. Zhongguancun Science Park
u University-based Science Park
u Hi-tech Experimental Zone
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1988-2006 u the number of hi-tech ventures
grew from 527 to over 18,000
u employees increased from less than 10,000 to 600,000.
u overall income that grew from RMB1.4 billion to RMB600 billion,
u tax collected increased from RMB51 million to RMB21billion
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III. A Rising Trend of Pioneering Business
Year 2000-2006: u 32,000 returnees for business consultationu 7,600 have chosen to stay and 3,200 firms have been st
arted up u number of the returnees stayed in the park is 7.6 times o
f that in 1999, and number of the firms they operate is 12.7 times. 91% of the firms are in the hi-tech industry. The original registered funds of these firms has totaled 3.95 billion yuan .
u Incubator increased from 1 in year 2000 to 19 in 2006
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Overview of Returnees in Z-Park
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Distribution of Receiving Countries
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Educational Degree of Returnees
PhD, 38%
Master, 42%
Other, 20%
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By the end of 2006, there are 7 firms listed in US Nasdaq, accounting for 50% of the total firms listed in Nasdaq from Zhongguancun Science Park.
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IV. Reasons Behind the Back Flow
1.Steadily growing and secured Chinese economy with a growth of 7% since year 2000
2. China's policy towards overseas students
Ø "supports students to study abroad, encourages them to come back" and guarantee their "freedom of coming back and leaving".
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V. Attraction of Z-Park
Local preferential policies to make Zhongguancun Science Park the preferred destination of overseas returnees
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Tax Incentives
The income tax rate is 15% for the hi-tech
companies in the park.
1-3yrs, tax rate 0;
4-6yrs, tax rate 7.5%.
For the certified software and IC companies, VAT
rate is 17% before year 2010.
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Beijing city’s residency permits will be preferentially issued t
o overseas returnees as well as technology & management
talents from other provinces in spite of the limited quota.
Stock equity and stock option are rewarded to the distinguis
hed sci-tech researchers and operation management.
Talents Policy
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Financial Policy
Developing Funds for Hi-tech Companies
Developing Funds for Software Industry
Supporting Funds for Overseas Returnees
Loan Guarantee Green Channel
VC Matching Fund
Risk Subsidies for VC Companies
China's OTCBB
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5 Overseas Liaison Offices
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Incubators
19 incubators has set up especially for the returnees and 1,600 firms has been incubated within the 420,000 square meters' offices
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Supporting Funds System
u For the new start-ups by the overseas returnees, a free supporting fund of 60,000 to 100,000 RMB is offered as a token gift by the government.
u Among the 711 start-ups who have received 58.3 million RMB totally since 2002, 96% of them have operated their business successfully longer than 3 years.
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Green Passage for Bank Loans
Zhongguancun Guaranty Cooperation has guara
nteed 115.55 million RMB's bank loan for 156 firms of overseas returnees.
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u Resources from the around 39 universities u The culture of "Bold in Innovation and Afraid of
No Failure" is popularized in the Park.
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VI. Social and Economical Effect of the Returnees
u China's strategy of "rejuvenating the country through human talent."
u "irreplaceable" and of "outstanding historic role".u overseas returnees bring back many things
including advanced technology, international conception of management, connections with the outside world, foreign funds and investment
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VII. Policy Suggestions
1.To create a pleasant environment;
2.To popularize English as the working language especially in the non-English spoken country;
3.To intensify the education and propaganda of moral and belief for the purpose of attracting its foreign educated talents back to their homeland