While the U.S. is navel gazing

the Chinese are looking to attract talent.

`Peacock' plan unfurled to give Shenzhen tech edge
Shenzhen will spend up to 500 million yuan (HK$594 million) annually over the next five years to draw overseas professionals to the city's new energy, internet, biotechnology and industrial sectors and boost its competitive edge.

The ambitious "Peacock Initiative" campaign will see the the municipal government spend 300 to 500 million yuan each year on living allowances and research subsidies to attract some 10,000 talents in high technology, finance, logistics and culture, Xinhua News Agency said.

Those joining the scheme will be eligible for overall subsidies ranging from 800,000 yuan to 1.5 million yuan. They will also enjoy privileges such as medical insurance, children's education allowance and employment opportunities for spouses.

Special assistance on immigration and housing will also be provided.

Apart from individuals, the scheme will also recruit talented teams, with each standing to get up to 80 million yuan in subsidies for research and business development.

Fifty teams along with at least 1,000 individuals will be brought to the city under the scheme, attracting a total of 10,000 talents, the Shenzhen government said.

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