Employees take part in a meeting in Shanghai. [Photo provided to China Daily]
City exploring extension of permits to qualified people working nearby
Shanghai has updated administrative measures for overseas talent residence permits to better serve international talent working in the city.
According to the measures, which were released on Friday, people with Shanghai overseas talent residence permits will enjoy updated rights and entitlements in social insurance, their children's education and 15 other areas of life and work.
To give them more financial flexibility, they will be able to apply for a renminbi credit card at designated banks in China.
Electronic permits have also been introduced, with eligible foreigners no longer needing to carry physical permits.
"To support the integrated development of the Yangtze River Delta region, we will explore the issuing of Shanghai overseas talent residence permits to qualified talent working in Jiangsu, Zhejiang and Anhui provinces," said Zhu Yinghua, director of the international cooperation division at the Shanghai Municipal Human Resources and Social Security Bureau.
Fu Jianlin, manager of E-bond Polymer, a Shanghai chemical materials and products manufacturer, became the first person in the Lingang Special Area to obtain a 10-year overseas talent residence permit on Friday.
"I used to hold a one-year or three-year permit when I first came to the city, looking for promising business opportunities, after living in the United States for 20 years," said the Chinese-American, who founded the company a decade ago.
"I once had to pay the late-payment penalty as I forgot to update my residence permit before expiration. But I don't have to worry about it in the short term now. I can apply for a multiple-entry visa with a validity of 10 years as well, which is very convenient.
"Such preferential policies will attract more people to develop their careers and live in the city."
The measures also strengthen support in multiple fields for Chinese who have studied abroad and returned to the city to start a business-including financial aid, social security subsidies and intellectual property protection.
They also allow members of startup teams in the city formed by students who studied overseas to be granted registered permanent residence permits if they meet requirements.
The bureau is also cooperating with financial institutions to offer special startup loans for those students.
An innovation park to nurture startups founded by Chinese returning from overseas after completing their studies was established in Lingang on Friday, aiming to offer more professional service and promote talent management in the region.
"The new policies greatly ease the financial pressure on our company in the initial period of the business," said Huang Kan, founder of Shanghai Jiqiao Technology, which offers financial and taxation solutions to domestic startups.
Huang, 27, graduated with a master's degree in management at University College London in the United Kingdom and returned to the city last year.
"I'm also attracted by the green channels for patent applications and project declarations in the future, based on the measures," Huang said.
"My team is able to focus more on product research and development as well as marketing strategies under such a sound policy environment, so that the company can develop faster."
More than 5,300 startups have been established in Shanghai by students who studied overseas, with total registered capital of more than $800 million, the bureau said.
"These measures will foster the transformation of scientific and technological achievements by those students who have patents, and improve their abilities in independent innovation and business structure optimization," Zhu said.