At the 2024 High-Level Talent Development Conference for the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone held on Aug 21, multiple new policies concerning the introduction, settlement, and cultivation of young talents were announced.

According to the conference, the Lin-gang Special Area has introduced and settled over 97,000 talents, with an average annual growth rate of 97 percent.

In the five years since the establishment of the special area, a total of 505 high-level talents from both domestic and international sources have been introduced and cultivated, marking a threefold increase compared to 2019.

During the same period, 1,110 work permits for foreigners coming to China have been issued, and 270 new start-up companies founded by overseas returnees were established.

The implementation of a series of talent policies has led to breakthroughs in the Lin-gang Special Area. These breakthroughs include the launch of Shanghai's first district-level enterprise annuity plan for talents, the first instance in China of foreign talents passing domestic accounting qualification exams, and the first case in the country of foreign talents entering with an electronic port visa, all taking place in the Lin-gang Special Area.

The Lin-gang Special Area has also introduced a new round of internship subsidy policies for university students. Eligible undergraduates, postgraduates, and doctoral students can receive monthly subsidies of 2,000 yuan ($280.25), 3,000 yuan, and 5,000 yuan, respectively, during internships. Additionally, non-Shanghai resident students from other provinces and overseas universities will receive an extra monthly transportation and accommodation subsidy of up to 1,000 yuan.

The area will also establish campus talent recruitment workstations, offering support such as subsidies for setting up stations and rewards for talent recruitment efforts.

Furthermore, the area supports the flexible introduction of high-level talent to science and technology innovation platforms to engage in technological innovation and industrial development.

Recruited talent can enjoy comprehensive support and rewards across eight areas, including housing purchase, rental subsidies, housing security, and medical services.

During the conference, the first batch of signings for the Lin-gang Special Area Talent Enterprise Annuity Plan took place. Twenty companies signed agreements with the unified trustee and fiduciary representatives.

As Shanghai's first district-level enterprise annuity plan for talents, eligible talents can receive an annual incentive subsidy of up to 10,000 yuan, based on tenure length.

The first batch of benefits includes a 50,000-yuan car purchase subsidy, a green channel for medical treatment at Lin-gang Branch of Shanghai Sixth People's Hospital, free medical check-ups, equity incentive loans of up to 20 million yuan, and the right to stay in villa-style expert apartments.