Shanghai launches plan to attract foreign talent

Shanghai plans to attract 1,000 foreigners to help the city transform into a global financial and shipping center by offering them housing and health-care allowances as well as other benefits including education for children and residence rights, the South China Morning Post reported. According to a plan issued by the city on Monday, Shanghai’s government would also exempt shipping carriers, logistic firms and insurers that did businesses in the Yangshan port from paying sales taxes in order to encourage more international container lines to use the port. The plan came after the city failed to win approval from the central government to offer tax incentives as it competes for professionals with cities such as Hong Kong and Singapore.