The number of overseas returnees moving to Shenzhen has grown by 40 percent for three successive years, while the number of overseas returnees who obtained permanent residency in the city passed 5,000 last year, the Shenzhen Special Zone Daily reported yesterday.
Official data showed that 14,335 overseas returnees moved to Shenzhen over the past three years, and 74 percent of them have obtained Shenzhen hukou. Around 73 percent of these overseas returnees have a postgraduate diploma or a higher academic degree, and most of them studied economics, management and science at universities in the U.S. and Europe.
According to a report released by the Ministry of Education in 2014, Shenzhen became one of the four most-popular cities in China for overseas returnees seeking job opportunities. Over the past three years, finance, IT, manufacturing and education were the main industries that overseas returnees worked in after moving to Shenzhen.
In 2015, the financial industry attracted the most overseas returnees to Shenzhen, with 1,626 of them joining the financial sector, growing by 88.19 percent compared with 2014. A total of 852 overseas returnees worked in IT and the computer service industry last year, which saw a yearly growth of 181 percent.
Analysts believe the growing number of overseas returnees settling down in Shenzhen is due to the city’s growing economic power and better living and business environment. The Peacock Plan launched in 2011 has brought 1,364 high-level talent and 63 teams from overseas to Shenzhen.
A string of new measures were introduced to promote the Peacock Plan recently, which will offer a grant of up to 3 million yuan (US$461,400) to each qualified professional and a subsidy of up to 100 million yuan to each qualified research team that moves from overseas to Shenzhen.
Qualified overseas returnees who start a business in Shenzhen can also apply for a government subsidy ranging from 300,000 to 1 million yuan, while prominent startup projects can get financial aid of 5 million yuan, according to the report.