Shandong awards 5 Yantai entrepreneurs with 2m yuan support

Five entrepreneurs in Yantai have been awarded 2 million yuan ($294,000) each in start-up funding by the Shandong provincial government as the city's efforts to attract high-level talent begin to pay off, Yantai Daily reported on June 4.

The five business leaders were all initially attracted to start their businesses in Yantai by the Taishan Industry Leading Talent Project, a program launched by the provincial government to introduce more innovative, high-tech talent to Shandong.

The entrepreneurs' new ventures, which range from chemicals and new materials to pharmaceuticals and biotechnology, have shown such promise since moving to YEDA, the Yantai economic and technological development area, that the provincial government decided to award them extra support.

Yantai has been one of the main beneficiaries of the talent project. There were 120 scholars and industry-leading talents in the city as of the end of 2016, according to Yantai Daily.

The city has also become a regional hub for the human resources industry thanks to the creation of the Yantai Human Resources Service Industrial Park, which is now home to 38 well-known HR companies.

Yantai has also become the home of the innovation service center responsible for implementing the 1,000 Talents Plan, a national plan designed to help certain regions attract highly-skilled professionals with international experience.

Sun Jiakuan from Wanhua Chemical Group Limited is one of the entrepreneurs in Yantai selected to receive 2 million yuan in funding by the Shandong provincial government. [Photo/Yantai Daily]

Liang Qibin, the founder of Rongchang Pharmaceutical Limited, has also been awarded funding by Shandong province. [Photo/Yantai Daily]

Ma Qianli, another entrepreneur to win funding, set up Taihe New Materials Group Limited in Yantai as part of the Taishan Industry Leading Talent Project. [Photo/Yantai Daily]

Xu Xingyi from Zhenghai Magnetic Materials Limited also received 2 million yuan from the Shandong government. [Photo/Yantai Daily]