China has just announced that it plans to attract 500 to 1000 high calibre foreign professionals over the coming decade via its One Thousand Foreign Experts (OTFE) Project.
The decade-long project, which was launched in late 2011, was designed to spur innovation and research in China’s key industries. It has to date attracted 214 candidates from the United States, Japan and Germany.
In its latest move, the Chinese government has tapped international headhunters to source for the best talent from around the world.
To sweeten the deal, the Project offers each successful foreign candidate the following:
- an annual salary ranging between CNY1 million and CNY1.2 million (US$157,000 to US$190,000),
- a three-year national science research grant worth CNY3 million and CNY5 million (US$470,000 to US$790,000),
- financial subsidy of CNY1 million (US$157,000) and
- housing allowance of CNY300,000 to CNY500,000 (US$47,000 to US$79,000) or equivalent apartment.
A favorable visa as well tax rate, medical care and insurance policies are part of the package as well. Additionally, the national program is set to trickle down to provincial and municipal levels.
Singapore Company Registration specialist Rikvin recognizes that the OTFE Project could lure high-calibre talent to look to China as a relocation destination in Asia and this may in turn lure talent away from Singapore.
Mr. Charn Rao, Rikvin’s Risk and Compliance Manager said, “The five star treatment offered by the OTFE Project certainly positions China as a fierce competitor for gold collar talent in the region. By offering an attractive package, China is positioning itself not only as a work and research destination but an attractive location for professionals with families.”
“However, as Jim Rogers said years ago, Singapore offers a much cleaner and cosmopolitan environment that is more conducive for long term relocation. Although the republic offers a highly-demanded Singapore employment pass program as well as numerous funding programs across all industries, they are in no way as plump as the OTFE package for high calibre talent.”
“Nonetheless we note that China’s unique situation calls for a unique strategy and the OTFE Project is one of them. In Singapore’s case, we may not require the same volume of experts. However, the possibility of a brain drain could not be eliminated from the equation,” affirmed Mr. Rao.