An aerial view of Hangzhou, Zhejiang province. [Photo/zj.zjol.com.cn]

Zhejiang province recently released 20 measures to improve financial services for talents who have been acknowledged by local authorities as well as the companies they have established.

The measures include increasing credit for companies, streamlining procedures for companies to secure financing, providing companies with more insurance, and enhancing the work efficiency of financial institutions.

Financial institutions throughout the province have offered loans of 130 billion yuan ($18.16 billion) to 640,000 companies so far this year. Startups and small and micro-sized enterprises in Zhejiang are expected to receive no less than 50 billion yuan in loans this year.

According to the measures, startups can receive a maximum of 10 million yuan in loans in their initial stages and 50 million yuan as they begin to grow.

Statistics show that the inflow of talents exceeded outflow in all 11 cities in the province last year. Hangzhou and Ningbo ranked first and second in China, respectively, in terms of net inflow of talents. The province attracted 960,000 college graduates last year, up 88.9 percent year-on-year.

Zhejiang launched the Kunpeng Program earlier this year (kunpeng is a giant Chinese mythical bird that could fly vast distances), aiming to attract around 100 globally-influential skilled workers in digital economy, life sciences, new materials and advanced manufacturing over the next five years.

A night view of downtown Ningbo, Zhejiang province. [Photo/IC]