Zhongguancun Administrative Committee recently issued new policies to support overseas returnees to start businesses in the Zhongguancun Science Park.

The Zhongguancun Overseas Talent Pioneer Park has been committed to attracting and serving overseas returnees interested in pursuing innovation and entrepreneurship in the Zhongguancun Demonstration Zone.

Under the new policy, overseas returnees will be connected with space, capital and a team, as well as other market innovation resources for starting businesses.

Also, to help overseas talents integrate into the entrepreneurial environment as soon as possible, a full-process service system will be available.

The committee will offer agencies and accompanying services for overseas talents to start businesses and solve the "last kilometer" problem of entrepreneurship.

Newly returned enterprises will be recommended to join the Zhongguancun Characteristic Industry Alliance and participate in the "Thousand Sail Plan," among other steps. Parks that help overseas returnees obtain financing will also receive financial support.

These new policies will be integrated with Zhongguancun's previous support measures, including R&D subsidies for small and micro enterprises, funding support for cutting-edge and game-changing technology, insurance subsidies for pioneering products and risk subsidies for Angels Venture Capital.

The committee will continue its Young Eagle Talent Program and international exchanges and cooperation. It will also host more roadshow forums, policy presentations and other exchange activities for overseas talents.

Pioneer parks for outstanding overseas returnees will be listed separately in the plan for talent introduction, work and residence permits and other talent services, and be included in the independently recognized catalog of the municipal talent plan.

The committee will support such parks to provide legal risk screening services for overseas talents and provide guidance on overseas returnees' intellectual property rights.

Innovative teams from overseas can also apply for research, development and achievement transformation funds for game-changing technologies. Such projects can receive financial support for up to three consecutive years. 

They may also be included in the Zhongguancun Industry Alliance's "Convoy Action" to quickly integrate into the Zhongguancun industrial ecological chain.

Financial support will be offered to pioneer parks that have helped overseas talents start businesses in Zhongguancun in the past three years.

An "entrepreneurship home for overseas returnees" will be established in these parks to support such enterprises to participate in projects related to the Belt and Road Initiative. 

More efforts will be put on supporting outstanding overseas talents to stay in Beijing, such as promoting a centralized application channel for overseas returnees to settle in these parks.

At present, there are nearly 40,000 overseas returnees in Zhongguancun, and more than 30 percent of the entrepreneurs in Zhongguancun have either studied abroad or worked overseas. Returning entrepreneurs have become the main force of entrepreneurship in Zhongguancun. 

Now, Zhongguancun has 45 pioneer parks for overseas returnees, attracting more than 6,000 overseas start-up companies that cover a total incubation area of more than 1.4 million square meters. Also, nearly 1,600 companies have been opened in the park by overseas returnees.