THE Songjiang government has set up a 40-million-yuan (US$6.2 million) annual fund to nurture promising young talent and start-up companies. The fund, supported by the Songjiang Bureau of Finance, will provide money for internships. It is a component of the district’s campaign to encourage more young people to work and live in Songjiang, and to attract more key companies to set up operations here. Preferential policies have been implemented for full-time undergraduates from key Chinese universities, including the Songjiang University Town. Companies that operate in Songjiang and paid taxes of more than five million yuan in past three years — or two years if they are bricks-and-mortar businesses — are eligible for the policies. The Talent Fund is aimed at those at the cutting edge of their industries, including core team members of high-tech start-ups, “incubating” enterprises, outstanding schoolteachers and public health workers. Recipients will gain access to free physical examinations every year and be offered a “recuperation tour” every three years. City-level projects related to technological innovation, scientific research and academic exchanges are also included in the Talent Fund. Enterprises that employ interns from universities will be required to pay them salaries equivalent to at least 80 percent of Shanghai minimum wage. At the same time, the fund will subsidize 20 percent and 30 percent of the minimum wage to the student and to the enterprise, respectively. In addition, college students who intern during the summer holidays in Songjiang state-owned institutions are eligible to receive 50 percent of the minimum wage if they exhibit excellent work performance. Songjiang initiated 13 regulations last year supporting its innovation development policy. They included housing, medical and education subsidies for outstanding young people. For start-up innovation companies, the government provides rent subsidies — 100 percent in the first year, 75 percent in the second year and 50 percent in the third year. Two funds were also set up last year. A 200 million-yuan fund aims at developing the key industrial parks and professional talent pools in designated industries, while a 500 million-yuan fund supported by commercial banks and venture capital institutions targets young companies. In addition, Songjiang has plans to build 100,000 square meters of public rental housing in five years for those who come to the district and make valuable contributions.