Shanghai issues 'green cards' to 240 overseas residents

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Last updated at: (Beijing Time) Saturday, July 06, 2002

Shanghai issues 'green cards' to 240 overseas residents

China's leading industrial city Shanghai has issued "green cards" to more than 240 overseas residents since it started the initiative to attract overseas investors and talent half a month ago.

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China's leading industrial city Shanghai has issued "green cards" to more than 240 overseas residents since it started the initiative to attract overseas investors and talent half a month ago.

About 90 percent of the "green card" holders are returned Chinese students, many with U.S. green cards. The rest are foreignnationals and Chinese from Taiwan and Hong Kong, according to ChenJintian, an official with the city's personnel administration.

The "green card", or permanent residence permit, allows the holder to engage in scientific research activities, start a business and send his/her children to school under the same conditions as local children, while enjoying preferential taxationtreatment.

Shanghai Vice Mayor Zhou Yupeng said the new residence permit system marked a breakthrough in the city's bid to attract domesticand overseas talent.

Zhao Jian, a Chinese Canadian now working as the chief executive officer of a computer technology firm in Shanghai, is among the first foreign nationals to get a permit.

"This residence permit system is a very advanced idea. It is good for Shanghai to take the first step. I have many Chinese student friends in Canada and the United States. They are very interested in this policy," he said.

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