Hong Kong’s neighboring city of Shenzhen, south China’s Guangdong province, has vowed to invest some 4.4 billion yuan annually to attract and cultivate talents in the city, amid China’s efforts to attract talents, especially those from overseas.

According to the guideline issued by local authorities of Shenzhen, the city will begin to make the annual investment starting from 2016, whose budget has doubled that of 2015. In addition to direct government budget appropriation, the total figure could amount to some 10 billion yuan, the People’s Daily reported.

Shenzhen also pledged to offer more convenience to foreigners who wish to stay in the city to work in innovation industries or start their own business. Support will also go to family members of talents who wish to stay in Shenzhen, such as healthcare and education conveniences, the guideline added.

Shenzhen is one of several Chinese metropolitans that are making million dollars’ worth of investments in attracting and cultivating talents.

Beijing has launched a pilot program in Zhongguancun, a counterpart of the Silicon Valley, to allow spouses and children of foreign high-level talents to gain qualification for permanent stay in China.

Yangpu district in Shanghai has also pledged to invest no less than 200 million yuan every year in this regard.

“It is worthy of the huge investment in talent cultivation and the effect on society will be optimistic,” Fang Lan, a professor of Renmin University of China told the People’s Daily.

Zheng Dongliang, an official with the Ministry of Human Resources and Social Security, pointed out that it is inevitable for cities to compete in attracting talents with beneficial policies, as China entered into an era of post-industrialization when its economy is in need of restructure and innovation.

Data from the National Bureau of Statistics showed that new industries of strategic importance in major cities such as Shenzhen and Shanghai saw a growth rate of over 10 percent, while the additional values of the high-tech industries across the countries also saw a 10 percent growth in 2015.