A sanctuary for overseas talents

Moreover, the opportunities for overseas returnees to join State-owned enterprises will increase. The plenum document says that SOEs should reasonably increase the proportion of market-oriented recruitment, and reasonably determine and strictly regulate SOE executives' salaries and perks, and consumption and business expenses.

Given the likelihood of a large number of overseas mergers and acquisitions, and more investments by Chinese SOEs, there is an urgent need for international talents. If SOEs are allowed to engage in market-oriented talent recruitment, they can employ talents from across the world. Overseas talents, especially those who are proficient in foreign languages and familiar with Chinese culture, would be ideal candidates for such jobs.

China will build more free trade zones (FTZs), which will be of great convenience to overseas Chinese returning home for business. Based on the Shanghai FTZ model, a number of areas will be built or transformed into FTZs, which will have simplified administrative procedures and convenient approval methods.

The administrative simplification and reduction of red tape, combined with the promotion of FTZs, will play a big role in boosting China's economic growth; the result is expected to be similar to the setting up of special economic zones. And less administrative intervention and easier interconnectivity will give foreign businesspeople and capital easier access to the market and draw more talents.

Increasing development opportunities and improvement in the market system will also ensure the rapid growth of domestic private enterprises. With the gradual improvement in the environment, more overseas Chinese will return home for business and employment, although they will face more intense competition.

In comparison with the development trends of countries around the world, China's growth momentum is still very high. So China should be prepared to deal with a large number of overseas talents, and establish immigration and evaluation systems to allow more talents return and come to the country.

The author is director general of the Center for China and Globalization in Beijing.

(China Daily 12/31/2013 page9)