Suzhou Special: Overseas talent: Synergy with Suzhou's success

It's no exaggeration to say the continuous prosperity of Suzhou over the past 2,500 years is the result of its talented, sometimes brilliant, people.

Locals have always been proud that the city in southern Jiangsu province is home to the best minds, people who not only designed China's most beautiful classical gardens, but also turned the tiny, flat land into a "national granary", managed successful businesses with nationwide influence, and more importantly, created a human habitat called by many an "earthly paradise".

And the tradition continues in the modern era.

Today's Suzhou has less than a thousandth of China's land area, yet produces more than 2 percent of the nation's GDP and 9 percent of its exports.

The success story is about an economy driven by human intelligence making the best of limited resources.

But a big difference from ancient times is efforts by authorities to attract international talent.

In 2010, the city government began its "Gusu Talent Project" titled after the city's ancient name.

An important part of the project is a plan to attract more than 100 top professionals from abroad in the 10 years from 2011 to 2020 to arm the city's important industries such as environmental protection, information technology, biotech, alternative energies, new-energy automobiles, advanced equipment manufacturing, new materials, modern services and agriculture.

Local government support for high-profile professionals - whether from home or abroad - includes direct subsidies for business startups and R&D facilities, preferential land rent and guarantees for bank loans.

In addition to direct government assistance, the booming local financial market has also created a favorable environment for new businesses to raise funds.

The city has more than 500 financial institutions including 52 banks and over 200 venture capital companies.

Another effort by the government to help talented professionals grow their businesses is offering efficient, transparent and considerate administrative services.

The streamlined operations include one-stop business registration and a tracking system for all registered projects.

Suzhou's connection with overseas businesspeople and professionals began in the late 1970s when it began to open its economy to the rest of the world.

By the end of 2012, the city was home to operations by 145 of the global Fortune 500 companies.

The highlight of the year for networking with overseas talent is the annual Venture Week for International Elites in Suzhou.

The event started in 2009.

For the past four years, the local government has used the event to publicize the city's investment environment as well as help foreign businesspeople and professionals find opportunities and partners in Suzhou.

This year's event will be held in July.

Participants from home and abroad will talk about cooperation with local economic development zones, industrial parks, higher learning institutions, tech companies and venture capital firms.

Professionals who have already made outstanding contributions to Suzhou will receive awards at the event.

zhaoshijun@chinadaily.com.cn

(China Daily 03/15/2013 page14)