A sanctuary for overseas talents

The convening of the Third Plenary Session of the 18th Communist Party of China Central Committee and the adoption of the Decisions on Major Issues Concerning Comprehensively Deepening Reforms are major historic events to build a favorable environment for talent training and development.

In the coming years, the apparent effects of further reforms and increasing development opportunities in China will create more opportunities and space for overseas talents to serve the country. In fact, overseas Chinese are expected to play a greater role in many areas of China's modernization drive.

The plenum document says the country will accelerate the formation of an international competition system for talented people, improve the talent evaluation system, enhance the openness of human resources policy to prompt more overseas Chinese talents to return home or foreign talents to start businesses or develop their careers in China. The move demonstrates the resolve of the Chinese authorities to continue to attract overseas talents.

According to the policy initiatives of the plenum document, the idea is not only to attract overseas talents, but also to ensure that they cooperate with the government and give advice and suggestions on how to build a strong competitive system for talented people. For example, opportunities for overseas talents to start businesses will continue to increase.

The document says efforts will be made to deepen all-round reform of the economy. More areas will be opened to foreign investment and private capital as the country makes efforts to implement a unified market entrance system, making it possible for all kinds of market players to enter, on an equal basis and legitimately, into areas that are not on the negative list of the government.

The reform of the company capital registration system and measures to reduce the costs of setting up business, as well as the creation of a favorable business environment under the rule of law will facilitate the return of more overseas Chinese to do business in China. And the urbanization drive will create more investment opportunities for overseas returnees.

According to the plenum document, finance, education, culture and medical sectors will see an orderly opening-up, while restrictions will be eased on investments in pension, architecture, accounting and auditing, trade and logistics, and e-commerce sectors.

It is foreseeable that the service industry will become an important driving force of China's economic growth, to which overseas Chinese businesspeople are expected to pay more attention. Further opening up of China's financial sector with the gradual liberalization of the renminbi interest rate and relaxation of controls on capital flows will reduce the costs for Chinese businesspeople to return home to invest, and facilitate the entry and exit of funds.