Located in Shanghai Free Trade Zone, ACC, a foreign-funded R&D and certification company, has grown fast in its first six months.
"A talented international team is our core competitive advantage," CEO Stella Si said. Thanks to the city's effort in attracting talent over the past year, the company can more easily employ foreign experts aged over 60, while in the past, it was hard for them to get a work permit.
Since July last year, Shanghai has been offering permanent resident permits for high-level overseas talent, quicker processing of foreign expert permits, and loosened upper age limits for foreign employees.
Si expects to expand her team even further, and that the bundle of policies released this week will attract even more talents to the city.
Headquarters and research centers of multinational companies registered in Shanghai FTZ and Zhangjiang National Innovation Demonstration Zone, can now employ fresh graduates from prestigious foreign colleges. Previously, graduates required two years of work experience.
Shanghai decided to transform itself into a global R&D center in 2014. The city has been opening its door wider to the world. Since last July, Shanghai has accepted over 500 applications for permanent residence from foreigners and their families, nine times the number in the previous year. Now Shanghai is looking to improve housing, medical services and education to ensure that those who arrive, really want to stay.
Big companies and organizations are being encouraged to build apartments for their staff. Some hospitals plan to introduce international medical insurance settlement services. International schools will be opened in areas with high concentrations of foreigners.
The city is to build a set of high-tech plants, for such products as aviation engines, gas turbines, advanced chips, new energy cars and robotics.
Many other Chinese cities have also been shifting emphasis from foreign investment and businesses to foreign talent. Zhejiang Province came up with new policies in July, and picturesque Suzhou in Jiangsu Province followed suit earlier this month.
In an era of innovation, talent is the most important of resources. The right team can revitalize a company, or even a whole industry, on the verge of bankruptcy, said Chen Hao, deputy head of the municipal organization department.
A lack of high-caliber individuals is an international problem, and Shanghai feels the shortage like anywhere else, said the Shanghai Academy of Social Sciences' Wang Yi.
Wang suggests that Shanghai establishes incentives in line with international practice, and does more to protect intellectual property rights to make itself more competitive in attracting the right people.
