China's first overseas returnee town, Western Returned Scholars Association (Guangzhou) Biological Medicine Town, will be built in Guangzhou, according to the Western Returned Scholars Association's first Guangdong-Hong Kong-Macao Greater Bay Area Forum on Nov 29.
Based on Guangzhou's urban planning and local industrial demand, the Guangzhou government has decided to build an overseas returnee town that will cover an area of 1 square kilometer.
The overseas returnee town, which is based on the innovation platform of the Guangdong-Hong Kong-Macao Greater Bay Area, focuses on hightech industry and is expected to attract 50,000 overseas returnees.
A 2 billion yuan ($290 million) operation and management guidance fund will be set up for the overseas returnee town, which will also encourage social capital to participate. The overall volume of the fund is expected to reach 20 billion yuan.
The town will create an international, market-oriented business environment ruled by law, in order to build an international talent community.
The Western Returned Scholars Association is actively deploying construction of oversea returnee towns nationwide to participate in the country's transformation and upgrading as well as local development. It plans to build 10 similar towns across the country, and many cities including Zhengzhou, Chengdu, Xi'an and Zhuhai have submitted applications for the construction of an overseas returnee town.(Source: China Daily)