A bird's-eye view of the Shanghai Zhangjiang High Tech Park. (Photo by Wu Jun/for China Daily)
City seeks to attract more entrepreneurs in bid to become global hub for science and technology by 2030
Pierre Angot from France, who graduated from the Master of Finance program at Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University in 2016, started a business specializing in blockchain in the city five months ago.
Angot, 26, had returned to France for further studies and started a company specializing in e-health after graduation, but realized that it would be a better choice to come back to China.
"Technologically, China is a good place and the global leader in artificial intelligence innovation. The Chinese government is pushing forward developments and progress in blockchain technology," said Angot, who co-founded his business with two other expats from Germany and the United States.
"Data-based research in China is easier, and the Chinese market is much bigger than Europe. When you start a business in the country, even if you are in a niche market, it's big compared to France or Europe," he said.
The number of foreign graduates from Chinese universities choosing to stay in Shanghai to pursue entrepreneurial plans has risen since policies were unveiled in mid-2015 to encourage such practices amid Shanghai's progress in achieving its goal of becoming a global hub for science and technology by 2030.
International students who have graduated from universities on the Chinese mainland can apply for a two-year residence permit by presenting a graduation certificate and a business plan or proof that they have established a startup in the city.
The city also began to issue entrepreneur visas to graduates from well-known overseas universities two years ago. The visa allows them to stay in the country for a year while they set up a business.
"As such visa types continue to play a role in helping expats carry out their venture plans in Shanghai, the city has basically formed an environment to attract global talent to showcase their innovative capabilities," said Lin Qian, general manager of Kudosbay, a startup service provider for foreigners based in Shanghai's Songjiang Economic and Technological Development Zone since 2017.
