All the individuals or teams selected to the plan may enjoy government subsidies of 500,000 ($72,945) to 20 million yuan, as well as other benefits for them to settle down in the city, including for the purchasing of property and children's education.

The plan attracted a total of 1,248 individuals to apply for it this year, up 44 percent year-on-year, including one Nobel Prize winner, and 12 domestic and foreign academicians, said Jin. 

In addition to the plan, the local government has released a series of supporting policies to retain the talents, such as fiscal support for key industries including smart manufacturing and financial services, government subsidies for small and micro businesses, and procedure streamlining for business approval, according to Yang Fuyuan, deputy head of Ningbo Development and Reform Commission.

Yang Fuyuan, deputy head of Ningbo Development and Reform Commission, introduces the city's industrial plans and policies at the meeting. [Photo provided to chinadaily.com.cn]