Returning Chinese Promoting the Development of China’s New Economy

Abstract

Historically, the vast majority of Chinese returnees have been academics and scientists. However, this pattern changed in the 1990s, when growing numbers of returnees had been in business overseas before returning to China. Over this time, Chinese intellectuals have been reoriented toward the business world. As the success of high-tech zones such as Zhongguancun have shown, returnee scientists are now avidly pursuing entrepreneurial opportunities in response to China’s transformation toward a market-based economy. Encouraged by government efforts to make the hi-tech zones function as incubators for returnee entrepreneurs, Chinese who have studied and worked overseas and acquired a strong scientific/technical background while doing so are establishing startup business ventures after returning home. These hi-tech zones assist returnees, who are often unfamiliar with working in China, in obtaining investment capital and physical space for their new business ventures, while also assisting them in dealing with bureaucratic red tape. Statistics show that governments from the national to local levels and universities have jointly established more than 150 science venture parks containing over 10,000 enterprises (Xinhua News Net, 2011b).