China's Shenzhen attracts record overseas returnees

The southern Chinese city of Shenzhen saw an increased number of overseas-educated Chinese choosing to find work or start businesses in the city 2016, local authorities said Sunday.

Shenzhen attracted more than 10,500 overseas returnees in 2016, an increase of 49.3 percent year on year, according to the city's human resource and social security bureau.

By 2016, the city had employed more than 8,000 people classed as high-level talent, 80,000 returnees and 4.5 million professional-level employees, accounting for 38 percent of the city's total permanent residents.

Shenzhen is fast becoming the favored employment destination thanks to its vigorous development, huge market potential, policies that support startups, and expansive talent promotion drive, said Tang Anli, an official with Shenzhen Overseas Chinese Returnees Association.

"I secured a startup grant of 250,000 yuan (36,000 U.S. dollars) from Shenzhen government in 2012," said Chen Di, who returned to Shenzhen after studying in Britain. "Then I garnered 1.3 million yuan in awards and aid for starting a business in an emerging industry in the following years."

In 2016, 53 firms set up by overseas returnees in Shenzhen were allocated about 22 million yuan in startup grants.

By the end of 2016, Shenzhen had 30 incubators accommodating 4,000 firms established by overseas returnees. Endi