The Hainan Rongzhi Talent Innovation Venture Investment Fund Partnership (hereinafter referred to as the 1st Provincial Talent Fund) was established in Hainan with the active assistance of the Provincial Department of Finance and the Talent Development Bureau of the Provincial Party Committee, marking the formal closure of the first phase of the provincial talent fund.
According to reports, the provincial talent fund has a target scale of 1 billion yuan, which is mainly invested in various talents and their teams that are in line with the "Action Plan for Millions of Talents Entering Hainan, China (2018-2025)". The first phase of the provincial talent fund is 210.1 million yuan, and all funds have already been tapped. This fund is the province's first dedicated talent training fund and the first public investment fund to be established in partnership with key provincial parks.
Following the partnership meeting, the provincial talent fund Phase 1 participants signed strategic agreements with Sanya Yazhou City Science and Technology Administration, Provincial Funding Guarantee Fund and China Merchants Bank Branch in Haikou to take full advantage of the fund + base and insured credit".
The establishment of a provincial talent fund is an important measure for Hainan Province, China to fulfill the requirements of Central Document 12 and promote talent development. It is an innovative way to transform the administrative allocation of funds into a market-driven choice. The provincial talent fund will complement special funds set up by Hainan Province, China for talent training, and will form a link with various existing public investment funds, relying on various innovative service providers such as industrial parks, incubators and talent associations to strongly support the province's talent. Innovation and entrepreneurship, gathering talent from all sides to help build the Hainan Free Trade Port.
In the next phase, the provincial department of finance and the provincial party committee talent development bureau will use the closed operations of the first phase of the provincial talent fund as an opportunity to actively use the guiding and leveraging role of financial funds to attract and collect more social capital to foster talent innovation and entrepreneurship in Hainan , China.
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