CHINA Shenzhen offers talent tax break

CHINA

Shenzhen offers talent tax break

By Bai Yuanqi | People's Daily app

00:01, May 27, 2019

Shenzhen High Tech.jpeg

An artist shows how to make a painting using virtual reality technology at the Global Innovator Conference in Shenzhen in September 2017. (Photo: China Daily)

Shenzhen (People's Daily) - China's southern high-tech hub Shenzhen will provide a 15 percent income tax reduction to attract more talent, said Vice Mayor Wang Lixin, at the opening of 2019 Shenzhen Technology Summit on Saturday.

Shenzhen will invest over 4 billion yuan ($57,970,000) in science research, with at least a third of the science funds spent on these sectors, added Wang.

The move reflects a significant shift in local recruiting efforts by the newly founded Guangdong-Hong Kong-Macao Greater Bay Area to attract professionals by offering tax incentives and systemic reform.

Despite boasting two-digit growth in new industries and 3,000 additional high-tech firms, Shenzhen is in need of more high-end professionals and struggles with innovation advances.

By the end of 2018, a total of 12,611 high-end talent settled in Shenzhen, a figure lower than peer cities Beijing and Shanghai, and especially so in the AI sector.

As tech giant Tencent CEO Ma Huateng said during his address, Shenzhen needs to strengthen educational investment, attach more importance to medical development, and improve its urban human atmosphere.


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