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Shanghai encourages expat graduates looking for tech startups
| Published: | 3 May at 6 PM |
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In a bid to attract talented expat graduates in the tech industry, Shanghai is enacting forward-looking policies aimed at expats looking to start their own businesses.
Director of Shanghai’s Foreign Affairs Office Zhang Xiaosong explained the new policies are a composite part of the city’s new plan to attract international graduates and students. The aim is to launch Shanghai into the top bracket of the world’s economic, research, financial and trading sectors, and is part of a long-term development strategy taking place between now and 2040.
Foreign graduates from universities in China can apply for two-year residency by showing their degree certificate and either proof of a start-up or a business plan. The east coast port city is already a hub for foreign talent in the tech sphere, with young expat entrepreneurs already taking advantage of the benefits offered. Director of the Council for the Promotion of International trade Yang Jianrong telling local media he believes the trend is set to continue with a growing number of talented graduates arriving from across the globe.
At present, there are no exact statistics showing the total numbers of tech start-ups by expats, although the city’s designated demonstration zone for innovation and mass entrepreneurship already holds some 564 new foreign owned businesses. Overall, some 215,000 expatriates from 167 different countries are living and working in Shanghai, representing the largest number of foreigners in any one Chinese city.
A good number of the new IT businesses run by expats are in the mobile phone games sector, specialising in developing, launching and marketing new Chinese games to the Western world. The domestic market in local games is already huge, having developed quickly over the past decade or so, and new young developers are eager for their products to reach foreign consumers. Firms are hiring native speakers in a number of Western languages in order to translate the expressions used into their colloquial equivalents in other tongues as well as tailoring the products to individual markets.
Source: ECNS CN
Director of Shanghai’s Foreign Affairs Office Zhang Xiaosong explained the new policies are a composite part of the city’s new plan to attract international graduates and students. The aim is to launch Shanghai into the top bracket of the world’s economic, research, financial and trading sectors, and is part of a long-term development strategy taking place between now and 2040.
Foreign graduates from universities in China can apply for two-year residency by showing their degree certificate and either proof of a start-up or a business plan. The east coast port city is already a hub for foreign talent in the tech sphere, with young expat entrepreneurs already taking advantage of the benefits offered. Director of the Council for the Promotion of International trade Yang Jianrong telling local media he believes the trend is set to continue with a growing number of talented graduates arriving from across the globe.
At present, there are no exact statistics showing the total numbers of tech start-ups by expats, although the city’s designated demonstration zone for innovation and mass entrepreneurship already holds some 564 new foreign owned businesses. Overall, some 215,000 expatriates from 167 different countries are living and working in Shanghai, representing the largest number of foreigners in any one Chinese city.
A good number of the new IT businesses run by expats are in the mobile phone games sector, specialising in developing, launching and marketing new Chinese games to the Western world. The domestic market in local games is already huge, having developed quickly over the past decade or so, and new young developers are eager for their products to reach foreign consumers. Firms are hiring native speakers in a number of Western languages in order to translate the expressions used into their colloquial equivalents in other tongues as well as tailoring the products to individual markets.
Source: ECNS CN
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