A bird's eye view of the WRSA Overseas Returnees Town in the Wuxi Economic Development Zone. [Photo/Wuxi Daily]
The WRSA Overseas Returnees Town, the only of its kind in Jiangsu, was inaugurated in the Wuxi Economic Development Zone, Wuxi, East China's Jiangsu province, on Sept 15.
Overseas Returnees Towns are established by the Western Returned Scholars Association and local governments to boost local economic development and help Chinese overseas students find jobs in the country.
These towns are usually located in places with large numbers of Chinese overseas students, abundant industrial resources, and robust development momentum.
The first phase of the WRSA Overseas Returnees Town in Wuxi will focus on the internet of things, while the second phase will become a scientific innovation service center focusing on commerce and living.
It was announced that the first batch of enterprises, including Wuxi Haichuang Venture Capital Management Co Ltd, would start operating in the town that same day.
From 2021 to 2025, the Overseas Returnees Town is expected to bring in more than 200 enterprises established by returnees and over 100,000 high-profile professionals.
A bird's eye view of the Wuxi Economic Development Zone. [Photo/Wuxi Daily]
The reason why the WRSA built one of China's 10 overseas returnees towns in Wuxi is that authorities offer extremely favorable policies to returnees.
For example, returnees who generate major economic and social benefits with their core technologies will receive 100 million yuan ($14.27 million) in subsidies and top innovative talent and teams will enjoy priority in applying for loans.
In addition, the Wuxi Economic Development Zone has also built supporting facilities such as an international convention center and sports center near the town to make it more convenient to work and live there.
