HAIKOU, November 5. /TASS/. The first public investment fund to support talents and entrepreneurs began operating on Hainan, reported the Hainan Daily.
The initial volume of the fund amounts to more than 210 million yuan (over $ 31 million), it is expected that in the future it will be increased to 1 billion yuan (approximately $ 150 million), the newspaper reported. The financial institution will invest in enterprises created with the participation of highly qualified specialists and which are in the early or middle stages of development.
The fund entered into strategic cooperation agreements with Sanya Industrial Park — Yazhou Bay Science City, the Hainan Provincial Financing Guarantee Fund and the China Merchants Bank branch in Haikou. Through the fund, the provincial government plans to help raise social capital and talent-build innovative businesses on the Island of Hainan.
Over the recent years, the Hainan leadership has been pursuing a targeted policy of attracting highly skilled workers to the island, including from abroad. A preferential income tax of 15% is established for valuable personnel. Foreign professionals and their family members have the opportunity to obtain temporary residence for up to five years, as well as a residence permit.
As part of the project to create Hainan's free trade zone, the Chinese authorities are consistently creating attractive conditions for business and entrepreneurship. According to the government plan, by 2050 this region will become a unique international cluster with an advanced economic system, where university campuses, advanced laboratories and the headquarters of world corporations will be located.