The State-level Nantong Economic & Technological Development Area, or NETDA – situated in the city of Nantong in East China's Jiangsu province – recently issued a new policy on science and technology recruitment.

The aim is to support the area's innovation and entrepreneurship, increase its support for the employment levels of local enterprises and help the development of talent enterprises, with up to 50 million yuan ($7.73 million) of start-up funding.

In terms of support for innovation and entrepreneurship

Project support worth a maximum of 50 million yuan will be provided to new hires from overseas including Nobel Prize winners and academicians. A total of 1-5 million yuan will be provided to high-level talent and teams, while grants of 500,000 yuan to 2 million yuan will go to new hires who enter the audit link of the National Talent Plan.

In terms of employment support for local enterprises

Within three years, a maximum salary subsidy of 200,000 yuan will be given to an individual, who is an academician or enrolled in the National Talent Plan.

Tax Contribution Award

Local businesses employing full-time, innovative staff, proficient in key engineering technologies, with an annual salary of more than 240,000 yuan, will within three years be given a bonus of up to 1 million yuan – in recognition of their contribution to the local economy.