Taizhou unveiled an upgraded recruitment initiative, the 2020 version of the 500 Elite Plan, on March 23 in an effort to woo global talent.

The city aims to recruit 200 high-caliber professionals, cultivate three enterprises above designated size, and attract 80 companies this year.

Recruiting professionals in the city's seven pillar sectors will be prioritized. The sectors include automotive and parts manufacturing, aviation, molds and plastics, medicine and medical chemistry, intelligent toilets, pumps and motors, and sewing equipment.

Meanwhile, more efforts will be made to recruit talent in strategic emerging industries such as information technology, intelligent manufacturing, and industrial digitalization, as well as those involved in education, healthcare, philosophy, social science, sports, culture, and publishing.

Those included in the 500 Elite Plan will be entitled to a start-up fund of two to 20 million yuan ($2.89 million). 

They will also be eligible to receive subsidies of up to three million yuan to help them purchase a house or up to 10,000 yuan to help them rent a house.

Enterprises established by these professionals will be able to apply for a loan of up to 10 million yuan with interest discounts as well.

The 500 Elite Plan was first launched in 2011 and has been updated 10 times thus far.

To date, 920 skilled workers and 356 innovation and entrepreneurship projects have benefited from or come about as a result of the plan. 

In 2019 alone, 103 projects worth 830 million yuan were launched in the city, up 6.2 percent and 9.2 percent, respectively.