IN an effort to improve management of human resources, Chengdu has set 10 new rules. The capital city of Sichuan Province has decided to significantly increase special funds for the development of human resources and financial aid offered to professionals in need.

It is part of Chengdu’s ambition to introduce, cultivate, support and serve more prominent professionals.

The city will set up a special fund involving at least 2 billion yuan (US$306 million) for its human resources development.

Professionals in need may receive financial support under the new policy.

Jing Bin, deputy minister of the Organization Department of Communist Party of China Chengdu Committee, said that human resources are the key to Chengdu’s sustainable growth and to become a city of innovation.

“Chengdu is thirst for all sorts of professionals,” said Jing, who is also head of Chengdu’s human resources office. “This time, our support for entrepreneurs leads the way in central and western regions.”

Chengdu is also trying to attract individuals with big names to live and work in the city by offering them up to 50 million yuan in total from government departments for their relocation.

A domestic or international “dream team” may get 100 million yuan, according to Chengdu officials.

Apart from the above-mentioned, other prestigious individuals from around the world will be awarded 3 million yuan if they move to Chengdu to work.

Those considered the industry leader around the country may receive 2 million yuan from Chengdu government. Those considered among the “local best” get the chance to win 1.2 million yuan in financial support.

At the same time, Chengdu government will award enterprises, public institutions or human resources agencies as much as 200,000 yuan for brain gain.

Professionals may also work for Chengdu when they are staying overseas, and the government plans to build off-shore industrial parks for start-up businesses outside China.

The new policy also encourages research fellows at universities and institutions to launch their own businesses.

“The new policy will vigorously help Chengdu to deeply implement its human resources strategy which will make the city a hub for prominent professionals from both home and abroad, and Chengdu aims to become a regional center of innovation with widespread influence,” Jing explained.

In addition, Chengdu will cultivate specialists in 10 fields like science and technology, and modern agriculture. The project will involve around 100 young professionals every year. Each of them will be given 300,000 yuan.

About 100 college students “with potential to succeed in business” will be awarded 200,000 yuan each year.

Chengdu will also train 50,000 technicians in five years. Many of them will be awarded with company shares.

The new policy also boosts financial support to start-up businesses. Special funds at city and county levels will reach 10 billion yuan in total. Any company with an initial public offering will receive up to 5 million yuan from the funds.

Chengdu will cooperate with domestic and overseas hedge funds to support emerging industries, start-up businesses, industry 4.0, trans-border logistics and trade, merger and acquisitions to help upgrade the city’s economy.

More than a dozen banks in Chengdu jointly set up a fund pool of 2.6 billion yuan and have provided around 500 million yuan of loans to over 200 companies. The banking syndicate also establishes an angel investment of 230 million yuan.

Industrial incubators will offer four platforms — resource service, industrial hatching service, technology innovation and comprehensive service — to support businesses. Additionally, legal and financial experts will serve entrepreneurs with their expertise.

By the end of last year, Chengdu had 193 centers for innovation and entrepreneurship, with a total space of 15.06 million square meters. Among them, 10 hackerspaces, which are community-operated physical places where people share their interest in tinkering with technology, meet and work on their projects, and learn from each other, are rated as national-level industrial incubators.

“We also launched two platforms to advocate innovation and entrepreneurship — Venture Tianfu: Jingronghui and Chengdu Global Innovation and Entrepreneurship Fair,” said Ding Xiaobin, deputy director of Chengdu Science and Technology Bureau.

Last year, Jingronghui held more than 1,000 events and attracted 300,000 people planning to start up their own businesses. The 2015 Chengdu Global Innovation and Entrepreneurship Fair held last November attracted over 150 investment institutions, and 109 projects worth 5.32 billion yuan reached cooperation deals in the fair.

Chengdu is sparing no efforts to become a bastion of innovation. It earmarks 1 billion every year to support innovation and entrepreneurship, and built 250,000-square-meter Rongchuang Square, where many well-known hackerspaces are settled. National Technology Transfer Center’s Southwestern Branch has been set up in Chengdu Hi-tech Industrial Development Zone, and became a pilot zone for national intellectual property right service.

With the acceleration of internationalization, Chengdu is proactively encouraging expats to start their business in Chengdu, and is also improving its services for expatriates who are working or would like to work in the city.

More businesses will be allowed to hire expatriates. The city will expand the scope of work visas and allow foreigners to apply for a work visa at the entry port. Spouses and young children will be given for long-term residence permit up to five years or a multiple entry and exit permit in five years.

At the same time, the city will install entry and exit service counters at international communities to provide services at doorstep.

Top-level experts may acquire subsidies for housing spaces up to 200 square meters but no smaller than 80 square meters. High-end medical services as well as convalescence are also provided.

Last but not least, Chengdu has set up awards for best performers. Businessmen who have had their businesses in Chengdu for more than five years and make significant contributions to local economic and social development get the chance to win 1 million yuan.