China to Lure Foreign Talent for New High-Tech Greater Bay Area

(Bloomberg) -- China said it will offer favorable tax incentives to overseas talent as part of efforts to lure professionals to work for its high-tech region which links Hong Kong and Macau with cities in southern China.

High-end foreign talent who work for the Greater Bay Area, and with skills that the country is short of, will get subsidies from local governments to help offset their individual income tax differentials between mainland China and Hong Kong, the Ministry of Finance said in a statement on Saturday.

The subsidies would be offered for five years starting from Jan. 1, 2019, and they will be exempted from paying individual income tax, according to the statement.

China unveiled a long-awaited blueprint in February to create a high-tech megalopolis on its southern coastline rivaling California’s Silicon Valley. The so-called Greater Bay Area aims to turn the area into a leading global innovation hub, boost infrastructure connectivity and strengthen Hong Kong’s role as an international center of finance, shipping, trade and the offshore yuan business.

To contact Bloomberg News staff for this story: Niu Shuping in Beijing at nshuping@bloomberg.net;Carrie Hong in Hong Kong at chong61@bloomberg.net

To contact the editor responsible for this story: Shamim Adam at sadam2@bloomberg.net

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With assistance from Bloomberg