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https://www.scmp.com/tech/policy/article/3023635/shenzhen-needs-attract-overseas-talent-fuel-greater-bay-areas-hi-tech https://www.scmp.com/tech/policy/article/

by PakG1 6y ago

https://www.scmp.com/tech/policy/article/3023635/shenzhen-needs-attract-overseas-talent-fuel-greater-bay-areas-hi-tech https://www.scmp.com/tech/policy/article/3023635/shenzhen-ne... That programme offers one-off subsidies, ranging from 800,000 yuan (US$113,488) to 1.5 million yuan, in addition to welfare packages covering family members, rental allowances and medical care. More than 96 per cent of the talents recruited under the Peacock Plan holds a doctorate, and 94 per cent are Chinese returnees. Shenzhen has also pledged to extend tax breaks to top overseas and local talent, which could be as low as 15 per cent of a person’s annual income compared with as high as 45 per cent previously, under China’s progressive taxation system. To date, the city has been helping develop at least 10 laboratories in collaboration with Nobel laureates involved in natural sciences. Nine of these have been completed as of June this year. Shenzhen’s hi-tech companies are also sparing no efforts in wooing talent with high pay. Last month, Huawei announced plans to lure gifted new recruits with “top-notch” salaries.

varispeed 6y ago
Some western countries are approaching thresholds like 45% for specialist income. For example in the UK after recent changes to IR35, an engineer will likely have to pay about 54% of tax assuming he or she gets paid market rates and the client will declare them to be deemed employees to be safe. If China could match western rates, but added tax exemptions on top, plus located the sites somewhere warm with good amenities, they could attract good people without even trying much.
- Bayart 6y ago
  The problem is being paid in a currency that's worthless outside of China and can't be converted back to anything serious. It's fine for Chinese expatriates who went abroad for better money, but I can't see the rest being too interested.
  - MacsHeadroom 6y ago
    That's ridiculous. CNY is as easily converted as USD, if not more easily.
    - Bayart 6y ago
      Duh, of course CNY is easily traded to other currencies on the Forex markets, China's starving for reserves. But they're actively preventing money from getting _out_ of China, in particular said reserves. If you're making money in China, it's going to stay in China until you jump through a lot of hoops.
      - PakG1 6y ago
        I work in China. I wire money out of China on a regular basis to my home account in Canada. Have to give copies of tax forms and a copy of my contract to the bank, but that's about it. Other than that, it's the same as wiring money from Canada to any other country. There is a limit each year, but I've never been able to hit it. And a bunch of my foreign colleagues have half of their salary automatically deposited in USD accounts in their home country. Not me, but the point is that there are options.
- dragonelite 6y ago
  I have been thinking of maybe moving from western Europe to Singapore or a Shenzhen. Just to be a bit closer to the Asian side of my family. A developer job in either Singapore and China tier 1 cities seems to allow for a middle class to high middle class life style, about the same life style I have here in Europe.

by PakG1 6y ago

varispeed 6y ago

Some western countries are approaching thresholds like 45% for specialist income. For example in the UK after recent changes to IR35, an engineer will likely have to pay about 54% of tax assuming he or she gets paid market rates and the client will declare them to be deemed employees to be safe. If China could match western rates, but added tax exemptions on top, plus located the sites somewhere warm with good amenities, they could attract good people without even trying much.

Bayart 6y ago
The problem is being paid in a currency that's worthless outside of China and can't be converted back to anything serious. It's fine for Chinese expatriates who went abroad for better money, but I can't see the rest being too interested.
- MacsHeadroom 6y ago
  That's ridiculous. CNY is as easily converted as USD, if not more easily.
  - Bayart 6y ago
    Duh, of course CNY is easily traded to other currencies on the Forex markets, China's starving for reserves. But they're actively preventing money from getting _out_ of China, in particular said reserves. If you're making money in China, it's going to stay in China until you jump through a lot of hoops.
    - PakG1 6y ago
      I work in China. I wire money out of China on a regular basis to my home account in Canada. Have to give copies of tax forms and a copy of my contract to the bank, but that's about it. Other than that, it's the same as wiring money from Canada to any other country. There is a limit each year, but I've never been able to hit it. And a bunch of my foreign colleagues have half of their salary automatically deposited in USD accounts in their home country. Not me, but the point is that there are options.
dragonelite 6y ago
I have been thinking of maybe moving from western Europe to Singapore or a Shenzhen. Just to be a bit closer to the Asian side of my family. A developer job in either Singapore and China tier 1 cities seems to allow for a middle class to high middle class life style, about the same life style I have here in Europe.