New talent system benefits over 3,700 foreign businesspeople in China's Yiwu

A total of 3,716 foreign businesspeople operating in the city of Yiwu, east China's Zhejiang Province, have been recognized as talent by the local government as of the end of June.

The group includes 37 classified as A-level (foreign high-end talent) and 3,679 as B-level (foreign professional talent), according to Yiwu's science and technology bureau.

The city has pioneered a novel "contribution-based evaluation system" for identifying foreign talent. Factors such as annual export volumes, job creation for local workers, and sustained contributions to the local economy are key determinants.

Foreign investors/businesspeople can qualify as A-level talent if they meet certain conditions, such as annual sales of their company exceeding 50 million yuan (about 6.99 million U.S. dollars) while they receive an annual salary of over 600,000 yuan each; or the company employing over 10 local workers while they have worked in Zhejiang continuously for 10 years with a similar salary.

B-level status is attainable through metrics such as foreign exchange settlements of a company exceeding 500,000 U.S. dollars annually, or generating annual import-export volumes surpassing 10 million yuan.

A-class talent receive longer work permits valid for five years and prioritized approval services, while B-level talent qualify for work permits lasting two to four years, according to the policy.

Renowned as the "world supermarket," Yiwu maintains trade links with over 230 countries and regions. With over 28,000 foreign merchants daily -- constituting about one-fifth of Zhejiang's total -- the city launched this foreign business talent pilot program in September 2024 to further attract investment. ■