BEIJING, June 3 (Xinhua) -- China is working vigorously to transform itself into a magnet for talented individuals from around the world.

An official report revealed that in 2013, about 354,000 Chinese overseas students returned to China after graduation, up 29.5 percent year on year. In about five years, it is estimated that China will experience a turning point in terms of talent flow, from a regular exodus of students to an influx of graduates.

As modernization and informationization advances, the power of talent has become a major factor in the economy, science, technology, and all round national strength. China's development pattern now relies less on capital investment and exports and more on innovation. Innovation needs a well stocked pool of talent.

Since the launch of the recruitment program for global experts six years ago, also known as the "Thousand Talents" program, a total of 4,180 foreign experts in various fields have come to China.

China has unique advantages in attracting talent. Rapid development always provides considerable opportunities for capable people. China has shown good faith in overseas talent and offers favorable conditions in terms of medicare, insurance, housing and taxation to people who are ready, willing and able to help in the country's development, but as the global scramble for talent intensifies, developed countries still have their attractions.

China's brain drain is still grave: over 80 percent of top Chinese scientists and engineers are not in China. China clearly needs better policies in this regard. In addition to attracting talent from abroad, equal, if not greater, emphasis should be placed on fostering domestic expertise.

On Monday, the Organization Department of the Communist Party of China (CPC) Central Committee revealed that more flexible and pragmatic rules for permanent residence permits for foreigners were on the cards. This easier Chinese "green card" regime will surely attract more skilled foreigners.

Through the "Thousand Talents" program or via recommendations by ministries and provincial governments, 1,306 foreigners have so far been granted the Chinese "green cards," but greater effort is yet needed to free innovation from unnecessary constraint.