Shanghai’s Fengxian district government announced that it is investing 100 million yuan ($15.7 million) to establish a hi-tech business incubator park and provide supporting polices to attract overseas high-end talents.

The incubator park will also serve as the base for the Shanghai Thousands Talents Program, a talent-search program that aims to attract the world’s top talents to work in the city.

In 2008, the Organization Department of the CPC Central Committee launched the nationwide Thousand Talents Program, which targets high-end Chinese and foreign talents who are from the world’s leading institutions or working as entrepreneurs.

They are encouraged to lead research teams at Chinese universities, laboratories, to work in State-owned enterprises and hi-tech parks, or to set up their own businesses.

Each recruit will receive 1 million yuan ($157,000) from the central government to fund their academic research or business operation.

The central government has selected about 340 talents for the talent-search program. Also, around 160 talents were selected for the municipality-level Thousand Talents Program.

“As Shanghai is speeding up to build itself as the international center of economic, trade, finance and shipping, these high level talents are undoubtedly an important resource. Thus, the city should establish a high-end talents team for its fast development in the future,” Wang Yu, an official from the Organization Department of the CPC Shanghai Committee, said at the 2012 International Talents Innovation and Entrepreneurship Week in Fengxian district.

Shanghai has 12 country-level hi-tech parks and business incubator parks for high-end talents’ development. The city will further improve the related service and supporting system to promote the development of talents team, Wang said.

The one-week event will attract more than 1,500 talents from the fields of new energy, new material, bio-tech fuel, aviation, large equipment and smart power grids.