Beijing set up a high-tech development park on Friday near the Capital International Airport

for returned scholars to make their economic beginnings in China, according to report of China Daily on December 18.

Lin Wenyi, Beijing vice-mayor, said that the park will try to attract high-caliber Chinese students from abroad with preferential policies, such as a three-year grace period with no income tax charges and another three-year reduction in income taxes for enterprises with an investment of less than 10 million yuan (about 1.2 million U.S. dollars).

Also, housing used for business and development purposes will come with two years of free rent.

The park, with a designed floor space of 20,000 square meters, plus premiere office space and scientific research facilities, has provided an ideal environment for the returned scholars to contribute to China's hi-tech industry with their expertise and experience, said Li Yousheng, director-general of the Beijing Airport Industrial Zone (BAIZ). The park was created by the Beijing Service Center for Scholarly Exchange and the BAIZ.

Up to now, two companies, the Beijing Genomics Institute and the GBI Bio-Tech Co., have been set up in the park, with investment expected to reach 100 million U.S.dollars in three years.