Binjiang upgrades signature 5050 Talent Plan
Hangzhou’s Binjiang District celebrated the 30th anniversary of its establishment by upgrading the 5050 Talent Plan, which has offered various incentives for talent and promising projects in recent years, making the district a leading labor market and innovation center in the city.
At the 2020 Hangzhou International Human Resources Exchanges and Cooperation Conference held on November 9, Binjiang government unveiled the upgraded version of the plan which includes three new measures.
First of all, local government has organized a think tank comprised of 12 prestigious local entrepreneurs, including Ding Lei, chief executive officer of Internet giant NetEast, Chen Zongnian, chairman of digital technology company Hikvision, and Yu Yingtao, chairman of integrate circuit company Tsinghua Unigroup.
The think tank is expected to help coordinate Binjiang’s development. These luminaries can collaboratively recommend promising projects. If approved by Binjiang government, the 5050 Talent Plan will offer up to 15 million yuan (US$2.27 million) for a project.
“Key projects valued by the think tank could be exempt from government’s official evaluation and be granted the subsidies directly, which is hoped to streamline the process of commercializing projects,” said Zhou Yingfei, director of Binjiang talent department. “We have already earmarked about 200 million yuan for promising projects.”
Binjiang government has supported projects for three- to five-year period. In the upgraded version, the period is extended up to seven years in a bid to further support local companies.
The second new measure is to lower the academic threshold for talent. Postgraduates are also qualified to apply for subsides from the 5050 plan.
For years, local authorities have implemented preferential policies on rent and financial subsidies to attract talent. Formerly, these were exclusive to doctoral degree holders.
This year, Binjiang has designed a new platform, Binjiang E Code, to bring government departments and skilled people closer together through a channel linking them directly.
Qualified users can apply online for subsidies, financial aid and public welfare to help them cut down visits to official service windows and share resources.
“Every year, about 30,000 talent come to Binjiang. Among them, 26 percent are postgraduates and doctoral degree holders. It is estimated that 51.8 percent of Binjiang residents are below 35 years old. We are a real young community with an infinite future,” said Wang Min, Party secretary of Binjiang District.
Supporting professionals from new industries is the third new measure. In recent years, some new industries have sprung out and developed into new engines to stimulate development such as livestreaming and video games design. Now, skilled people from these industries can apply for subsidies under the 5050 plan.
“Binjiang seeks to attract, retain and develop people to their full abilities. Its inclusive environment and innovative measures give us confidence in running business,” said Qian Yufan, co-founder of multi-channel network Chenfan.
Binjiang’s livestreaming industry is clustered in its Internet Town which contains hundreds of wanghong (Internet celebrity) studios, including Chenfan, one of the leading companies in China’s livestreaming industry.
During the COVID-19 outbreak, the Chinese livestreaming audience skyrocketed to 550 million according to Binjiang government. Now, the new measure is expected to allure more talent to the industry.
For the past 10 years, around 1,000 projects have been inked under the 5050 Talent Plan. In the previous three quarters of 2020, more than 80 projects were subsidized.
So far, Binjiang has gathered more than provincial or national-level 250 research and development centers. In a bid to grow its talent pool and build a scientific innovation platform, the district has cooperated with Beihang University to build the Hangzhou Beihang Graduate School which is set to be completed by 2021.
“The government has subsidized 20 percent of enterprises’ input in R&D. Any valuable project can find seed money in Binjiang,” said Wang. “I know a lot of cities value talent. However, my experience shows that only top-notch incentives and facilities can allure talent.”