Yiwu Yilan Talent Service Co is unveiled on June 24 to serve Chinese and foreign talent. [Photo/zgyww.cn]

Yiwu, a city in East China's Zhejiang province, has launched new policies to attract high-end talent and skilled workers specializing in electricity, engineering, textiles, and information technology 400 million yuan ($56.6 million) in subsidies, local media reported on June 30.

The policies are meant to spur the city's industrial economy by attracting more young people. Since Jan 1, local authorities have dispatched 10 work groups, hosted 100 talent fairs, and offered 100 million yuan in subsidies for the purpose.

As of June 27, the city has attracted 15,974 university graduates, doubling last year's number. Many were employed by local industrial enterprises.

Official statistics suggest that from Jan to May, Yiwu's industrial output among industries above designated size was valued at 21.88 billion yuan. In May, the number reached 5.44 billion yuan, a year-on-year increase of 9.85 percent.

Yiwu is committed to "becoming a model city with a first-class business environment", which requires a steady inflow of talent.

To that end, Yiwu Yilan Talent Service Co, the first State-owned talent service company in central Zhejiang, was founded in Yiwu on June 24.

The company will focus on the development of innovation spaces and incubation centers to turn Yiwu into an ideal home for entrepreneurs from China and abroad. It will make use of headhunting resources from Beijing, Shanghai, and Shenzhen, and has already sent 10 recruitment groups to 44 regions and 228 universities and institutes.

According to a statement by the company's spokesperson on June 24, the company's next move is to build six talent recruitment stations in Silicon Valley, Frankfurt, Tokyo, and Dubai.

Rewarding old friends

A merchant from Tunisia shops at the Yiwu International Trade Market in Yiwu, Zhejiang province, on Feb 19. [Photo/chinadaily.com.cn]

Preferential policies were also launched for foreign buyers who have benefited the city, which is reputed as the world's largest small commodity hub. Yiwu is home to around 15,000 foreigners from more than 100 countries and receives more than 550,000 foreign merchants every year.

According to the new policies, foreign merchants with purchasing businesses in Yiwu can apply for silver and gold awards and enjoy preferential policies related to housing, education for children, entry and exit, warehousing logistics, and financial support.

The awards will be given out based on applicants' performance in six areas, including business volume and tax payments.

Winners will receive permanent residence permits, housing subsidies of up to 400,000 yuan, nine years of free education for their children, priority status when renting warehouses, rental discounts in business buildings and talent communities, and a loan of up to 2 million yuan, according to local authorities.