(Yicai) May 17 -- Shanghai has attracted over 310,000 Chinese graduates back from abroad over the years as the eastern metropolis becomes a popular destination for young people wanting to start their own businesses and to work in cutting-edge industries, thanks to its supportive policies and favorable environment.

Shanghai’s industrial clusters and targeted measures are key to attracting talent. The city is accelerating the formation of a highly qualified professional high ground by introducing special cultivation schemes in key industries, such as integrated circuits, artificial intelligence and biomedicine. The municipality is also investing in emerging industries and is encouraging young people to innovate and set up businesses.

Li Mingrui, the developer of mobile game Arknights and partner of Hypergryph, said he worked in several cities in the early venture stage and finally decided to start his business in Shanghai because he could find like-minded partners here.

Jin Xianmin, the founder of optical quantum computing firm TuringQ and a professor at Shanghai Jiao Tong University, set up his company in the NeoBay science and technology innovation park, which is only a three-minute walk from Shanghai Jiao Tong University. Relying on Shanghai’s pool of talent, he was able to quickly form a core team of 150 people.

Pan Yukun, founder and chief executive officer of biotech startup Barbell Therapeutics, chose to establish his company in Shanghai’s Zhangjiang Science City, because of the industrial cluster in the region. Zhangjiang provides a range of support for startups, including equipment sharing and subsidies, which can help reduce the cost of starting a business.

Shanghai will continue to support innovation and entrepreneurship among young talent. The Shanghai Youth Innovation and Entrepreneurship Support Program and the Shanghai Youth Innovation and Entrepreneurship Base will be announced at the upcoming 5th Shanghai Y50 Forum for Innovation and Entrepreneurship.

Shanghai attracted 172,000 highly qualified professionals from across China and abroad last year, up 12 percent from a year earlier, according to the latest data. The city is home to over 6.75 million highly qualified professionals and has issued 441,000 work permits to foreigners. The metropolis has some 242,700 full time graduates in the city's universities and colleges last year.

Editor: Kim Taylor