Jiangsu province's first overseas returnees town of the Western Returned Scholars Association, one of the first of its kind in China, was launched in the Wuxi economic development district on Wednesday.

With an area of 65 hectares, the town aims to attract more overseas returnees to settle down and start careers in Wuxi and further promote the development of the internet of things.

Twenty-seven preferential policies have been adopted to support the returnees in their innovation efforts. Up to 100 million yuan ($13.7 million) will be provided to support them personally, and up to 150 million yuan will be given to their major projects. In addition, up to 500 million yuan will be given to those who establish major innovation platforms and introduce key technologies.

Du Xiaogang, secretary of the Wuxi Committee of the Communist Party of China, said at the opening ceremony of the WRSA Overseas Returnees Town Global Cooperation and Development Conference that the city will fully support and use the town.

"Wuxi will strive to create a good environment and provide opportunities for more overseas returnees who intend to participate in Chinese-style modernization and digital economic development, including the internet of things," Du said. "We look forward to all guests and global talents to come to Wuxi — a land full of innovation, investment opportunities and happiness — to work with us to realize our dreams together."

Agreements for 16 projects, with investments totaling more than 1 billion yuan, were signed at the opening ceremony. The town had already attracted eight projects and has 12 other overseas returnee projects on the way.