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Survey: More Overseas Chinese Seek Business Opportunities at Home
Source:Chinese Women's Research Network | Release Date:2017-9-12-
Title: Survey: More Overseas Chinese Seek Business Opportunities at Home
Author:
Source: Xinhua
Release Date: September 12, 2017
Keyword: Overseas Chinese students, innovation, entrepreneurship
 

China's economic might is attracting more overseas Chinese graduates to travel home, with over 2.6 million (82.23 percent) having returned by the end of 2016, according to government data.

Even though more and more Chinese are studying abroad, the number of those who journey back has kept growing year after year.

The number of returned overseas graduates was 432,500 in 2016,up 58.48 percent from in 2012.

The government has launched several favorable policies to attract more international talents and Chinese overseas graduates.

For example, 6,074 foreign skilled professionals have returned to China under the Thousand Talent Program and 1,094 for the Changjiang Scholars Program.

The ratio of Chinese talents who have overseas education or work experience is high, too, say officials.

More than 70 percent of presidents of the country's prestigious universities have overseas experience, compared with over 80 percent of Chinese academicians and over 90 percent of Changjiang Scholars recipients.

To fulfill their personal values, more returnees prefer to start their own businesses. Some 76.4 percent have done so since 2015, compared with less than 5 percent a decade ago.

Well-educated entrepreneurs show preferences in tech- and knowledge-intensive industries such as IT, communications and electronics.

Finance, education, trade and the auto industries are also popular options for them.

In terms of choosing which city to start their career, first-tier cities are their favorites as 24.3 percent prefer Beijing, 8.1 percent put down roots in Shanghai and 5.9 percent chose Guangzhou, south China Guangdong Province.

Second-tier cities like Chengdu, southwest China's Sichuan Province, which ranks as the fourth most popular city, accounting for 6.6 percent, ranks along side Wuhan, central China's Hubei Province (4.4 percent).

The top factors affecting destination choices are: economic development (49.3 percent), contact networking (39.7 percent), environment (36 percent), cultural inclusiveness (32.4 percent), public resources (32.4 percent), infrastructure (27.9 percent), personnel policies (20.6 percent), and the cost of living (19.1 percent).

The thriving domestic market also poses challenges to the returned entrepreneurs as more than half of them failed at their businesses.

The top reasons cited as causing their failure were: lack of experience (40.4 percent), shortage of capital (29.4 percent), wrong market position (27.2 percent), contradictions among co-owners (16.2 percent) and backward technologies (8.8 percent).

Apart from their own problems, returnees have also called for more support from the governments in areas such as marketing development, financial services, financial support, management consulting, fair market competition, tax incentives and innovation.

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