Hangzhou's Binjiang district introduces the "5050 Project" on May 26. [Photo/tidenews.com.cn]

Hangzhou's Binjiang district introduced the "5050 Project" on May 26, a comprehensive new policy package aimed at attracting international talent.

The initiative offers diverse project recognition methods, faster policy implementation, and broader support, providing up to 20 million yuan ($2.76 million) in support in seven categories. Additionally, the "Youth Chain" action plan grants up to 5 million yuan to outstanding young innovators and entrepreneurs.

In 2023, Binjiang attracted over 40,000 talents, leading Hangzhou in the recruitment of fresh graduates, overseas entrepreneurial leaders, and innovative entrepreneurial teams. The district now boasts over 480,000 talents. This influx of talent has propelled innovation, with Binjiang holding 730 invention patents per 10,000 people, the highest in Zhejiang.

The upgraded "5050 Project" offers up to 1 million yuan in startup grants, 10 million yuan in R&D subsidies, and 3 million yuan in office space allowances. The "Youth Chain" plan focuses on supporting young talent in cutting-edge fields like AI, synthetic biology, and the metaverse, with up to 1.5 million yuan for office space and 3 million yuan for R&D.

Following the launch of the 2024 Binjiang International Talent Initiative, the Hi TECH Entrepreneurship Competition will expand globally to include North America, Europe, and Asia. The competition will collect projects from May to July, hold global preliminaries in early August, and host the finals in late September. Participating teams stand to receive up to 20 million yuan in project support and travel subsidies.

Hangzhou's Binjiang district introduces the "5050 Project" on May 26. [Photo/tidenews.com.cn]