On March 9, 2021, Jiangbei New Area (Pilot Free Trade Zone) officially released the Implementation Measures for High-level Talent Rewards and Subsidies in Jiangbei New Area (Pilot Free Trade Zone) (Trial), stipulating the rewards and subsidies for high-level talent working in the key fields of two leading industries of life & health and new finance, which was formulated on the basis of tax incentives given to the newly introduced high-level talent working at integrated circuit (IC) design enterprises.

For enterprises committed to the R&D of high-end new drugs and innovative medical devices in life & health industry, and market-oriented equity investment in new finance industry, when they newly introduce high-level talent with an annual income of more than RMB 500,000, they will get 90% of their tax payment refunded according to their economic contributions to the Jiangbei New Area (Pilot Free Trade Zone) in the previous year, which will be mostly used as performance rewards for high-level talent. Based on the development of leading industries and the Pilot Free Trade Zone itself, the Measures boast the following highlights:

First, industry-talent integration remains the focus of the new measures. The tax incentives for IC design enterprises are targeted at high-level talent working in the IC industry. This time, the Measures have covered high-level talent in the industries of life & health and new finance, which further demonstrates the importance of industry-talent integration and spurring industrial development through talent introduction.

Second, more priority has been given to key areas. The Measures are aimed at enterprises committed to the R&D of high-end new drugs and innovative medical devices in life & health industry, and market-oriented equity investment in new finance industry, which are the key areas for the development of the “Two Towns and One Center” (a gene town, a chip town and a new financial center), and these enterprises are in urgent need of top-notch talent.

Third, greater policy support has been provided. Based on the current policies of scientific and technological contribution rewards for high-level talent, subsidies for intermediary service agencies, etc., the Measures have covered the whole process of talent introduction by enterprises. Meanwhile, qualified enterprises are subject to a 90% tax refund as rewards and subsidies, a ratio much higher than that of tax revenue retained by Jiangbei New Area (Pilot Free Trade Zone). Therefore, these enterprises can better attract and retain the talent.

Jiangbei New Area (Pilot Free Trade Zone) will enhance the innovation capabilities and competitiveness of enterprises through policy innovation mechanisms, strengthen the role of enterprises as the employer, promote market-oriented reform of talent evaluation, speed up the gathering of top-notch talent at home and abroad for the R&D of high-end new drugs and innovative medical devices in life & health industry, and market-oriented equity investment in new finance industry, further reduce the cost of talent introduction for enterprises, so that enterprises involved in the leading industries for the development of “Two Towns and One Center” can achieve fast development.