Zhangjiagang, a county-level city in Suzhou, East China's Jiangsu province, has been taking action to attract talents and create a favorable environment for them to build their businesses.
In July, Zhangjiagang signed agreements with 20 organizations that specialize in attracting talents.
The city, which is currently home to 41 innovation incubators above provincial level, is constructing about 1.4 million square meters of incubators. It also has a number of research institutes such as the Sitri Welding Technology Research Institute and is planning to build others, including the Jiangsu Hydrogen Energy Technology Innovation Center and the ZK Nanotech Zhangjiagang Institute of Compound Semiconductors.
Zhangjiagang has also set up a 1.5-billion-yuan ($210.85 million) fund to provide financing solutions to high-tech projects that are led by such talents recognized by the Zhangjiagang government. In addition, the city has introduced nine measures to help companies established by these talents overcome challenges. Among the measures is subsidies of rent and property management fees that have provided 166 companies with over 10 million yuan in savings.
During the recent COVID-19 outbreaks, the Zhangjiagang government also cooperated with financial institutions to offer 3 billion yuan worth of loans.
A variety of activities, including industry forums, training camps for executives of technology companies, and national innovation and entrepreneurship competitions, have been organized in Zhangjiagang to promote innovation.
Zhangjiagang is presently home to 410,600 skilled personnel and 37,800 high-caliber talents. Companies established by talents recognized by the Zhangjiagang government generated 9.09 billion yuan in revenue in 2021.
Vinsce Bio-Pharm (Suzhou) Co, which was set up in Zhangjiagang 12 years ago, has been offered free office space, dormitories and loans secured by local government in its early stages of development. These efforts by the Zhangjiagang government have helped the company overcome many difficulties, said Yan Yongyi, the president.
Vinsce is the only company in the world that solely manufactures artemisinin drugs. The company generated 170 million yuan in sales last year.