Hangzhou Hi-tech Zone (HHTZ)
By Li Zheng Miao Simin
The 20th National Congress of the CPC emphasized that we must “move faster to build world hubs for talent and innovation, promote better distribution and balanced development of talent across regions, and strive to build up our comparative strengths in global competition for talent”. This important initiative was reiterated in the Third Plenary Session of the 20th CPC Central Committee as “the supporting and guarantee mechanisms of overseas talents introduction shall be improved”.
For long-lasting achievements, talents are fundamental. Hangzhou continues to make efforts and strive for excellence.
A thriving Hub for Innovation and Entrepreneurship
As China’s e-commerce center, Hangzhou boasts a prime environment for innovation and entrepreneurship. A large number of well-known enterprises, such as Alibaba and ByteDance, etc., have formed a huge industrial cluster here. This environment provides entrepreneurs with advanced business models, innovative technologies, and rich market resources.
Supportive Policies and Infrastructure for Entrepreneurs
The Hangzhou Municipal People’s Government has introduced a series of favorable policies to support the innovation and entrepreneurship of overseas talents, including financial support, tax incentives, venue rental assistance, which greatly lowered the barriers to entry and helped more people to realize their entrepreneurial dreams. Entrepreneurs can obtain financing support through various channels such as bank loans, venture capital, and angel investment. For qualified entrepreneurial projects, the Hangzhou government provides start-up funding of up to 10 million yuan; for enterprises with a certain scale and promising development but facing liquidity challenges, interest-free bank loans up to 5 million yuan will be granted for two years. There is also a range of financial support, rent subsidies and housing subsidies that help entrepreneurs grow their businesses smoothly. In addition, Hangzhou has further optimized its business environment through measures such as the “one trip only” reform to simplify processes for companies.
The geographical location of Hangzhou also provides favorable conditions for entrepreneurship. Situated in the core area of the Yangtze River Delta economic circle, one of the most economically developed areas in China, Hangzhou is close to major cities like Shanghai and Nanjing, facilitating economic, cultural and technological exchanges with surrounding areas. The well-developed transportation network in the Yangtze River Delta allows Hangzhou to better integrate into regional development, expand its market, and attract investment.
Hangzhou has excellent infrastructure and a highly inclusive cultural environment. Its Internet infrastructure construction is among the best in China, with extensive high-speed broadband network coverage, which lays a solid foundation for the development of the digital economy. Also, as one of the seven ancient capitals of China, Hangzhou has a profound historical and cultural heritage. From the Liangzhu culture to the culture of Southern Song Dynasty, numerous historical sites and cultural legacies testify to the city’s glorious past. With the world-famous West Lake, good air quality and extensive greenery, Hangzhou provides overseas talents with a comfortable living environment. Besides, Hangzhou also attaches great importance to education and fosters innovation, creating a cultural atmosphere that continuously inspires and motivates entrepreneurs.
A Vibrant Innovation Ecosystem and Ample Opportunities
The industrial structure of Hangzhou offers plentiful opportunities to entrepreneurs. Hangzhou continues to lead the nation in fields such as digital economy, e-commerce, as well as cultural and creative industry, providing overseas talents with a wealth of entrepreneurial opportunities. Now, international talents in scientific research prefer new, small-scale yet high-quality research and development institutions. In this regard, Hangzhou fits the bill perfectly. As one major hub for higher education in China, it is home to many well-known universities and scientific research institutions, which makes Hangzhou a gathering place for talents, providing rich human resources for entrepreneurs. In recent years, new-type research and development institutions such as Zhejiang Lab and Xianghu Laboratory have emerged in Hangzhou, as well as new-type research universities such as Westlake University, all of which aim at stimulating the innovation of researchers through flexible talent mechanisms.
Compared with other cities in China, the greatest advantage of Hangzhou in attracting overseas talents lies in its vitality. The quality and competitiveness of the private economy in Hangzhou are outstanding, and the industry and market are very dynamic, providing an arena for talents to play their roles. By the end of 2023, more than 78,000 returnees had settled in Hangzhou, establishing over 3,000 enterprises. So far, hangzhou has been recognized as the “most attractive Chinese city for foreign talents” for 14 consecutive years.
Looking ahead, Hangzhou is committed to becoming the first choice for overseas talent and returnee entrepreneurs, continuously enhancing support services, creating an optimal environment, and building an ecosystem that encourages overseas talents to settle in Hangzhou and realize their ambitions and life goals.