SHENZHEN Municipal Science and Technology Bureau and Shenzhen Municipal Personnel Bureau have appropriated 1.8 million yuan (US$217,000) to subsidize returned students to start up high-tech projects here.

　　Eighteen projects will receive the subsidy, which has been granted three times in the past 12 months.

　　To encourage returned students to start high-tech enterprises, the local government decided to grant subsidies of between 80,000 and 100,000 yuan to a start-up company in Shenzhen Overseas Chinese Hi-Tech Venture Park.

　　The government has granted 7.86 million yuan in three batches for 80 high-tech projects.

　　More than 40 companies started by returned overseas students have received special funds worth 33.05 million yuan.

　　In addition to the subsidies, the government appropriated 20 million yuan in special funds to support returned students starting last year.

　　So far, 15 million yuan has been spent on 19 projects with market potential.

　　Shenzhen Overseas Chinese Hi-Tech Venture Park, which was commissioned in 2000, was the first joint management park in China. The 2,100-square-meter incubation area, the first phase of the park, has been fully utilized. The second phase, covering 27,600 square meters, is in Longgang District. The third phase of the park will cover 19,000 square meters at a cost of 370 million yuan in Shenzhen Hi-Tech Industrial Park.

　　The building, now under construction, is a key government project for this year. The third phase will be commissioned by the end of next year.