News of the Zhejiang government “handing out money” has gone viral across major platforms, unexpectedly garnering a wave of praise. The announcement sent shockwaves across the nation. Upon seeing the phrase “government compensation,” one couldn’t help but marvel at how “rich” Zhejiang truly is. This also fully demonstrates that the Socialist Common Prosperity Demonstration Zone is not just empty rhetoric… Furthermore, the reason Zhejiang has produced so many outstanding officials and enterprises lies in the virtuous cycle formed by its economic foundation and political landscape. It must be acknowledged that today’s Zhejiang is indeed a benchmark for China.

The Talent Recruitment War 3.0

A Game-Changing Move

For loans under 100,000 yuan, full repayment will be provided.

For loans between 100,000 and 500,000 yuan, 80% will be covered.

For those starting businesses in domestic services, elderly care, or modern agriculture,

university graduates will receive a 100,000 yuan startup subsidy.

Put simply: come to Zhejiang to work, and you’ll receive subsidies; come to Zhejiang to start a business, and if you fail, the government will cover the debt. Clearly, the Zhejiang government is openly “throwing money around” to attract talent at the drop of a hat… So, is this how you encourage entrepreneurship and boost employment? Zhejiang isn’t just trying to attract young people—it’s targeting the most driven and ambitious among them. Looking at this from a broader perspective, Zhejiang is killing two birds with one stone. This approach not only solves the employment problem for college graduates but also creates new jobs locally. No matter how you look at it, it’s a win-win. Indeed, if we don’t act now, won’t Zhejiang snap up all the talent?

Talent Recruitment War Version 1.0:

Represented by cities like Xi’an and Shijiazhuang, the focus of these policies was primarily on lowering residency requirements

Talent Recruitment War 2.0:

Led by cities like Hohhot and Wenzhou, the focus shifted to addressing the ever-present issue of housing prices

Talent Recruitment War 3.0:

Led by Hangzhou and Ningbo, this phase focuses on creating diverse employment opportunities and fostering an environment for innovation and entrepreneurship

Undoubtedly, this marks an “upgraded version” of Zhejiang’s Talent Recruitment War 3.0.

Looking back, during the 2020 pandemic, Zhejiang was the first region to react swiftly and aggressively recruit talent. At a time when other provinces were still in lockdown, with people confined to their homes, the Zhejiang government opened its wallet to charter flights and high-speed trains, organize special buses, trains, and dedicated train cars, and was already racing to bring people back to work. While other provinces were bogged down by cumbersome procedures for resuming work and production—requiring companies to obtain 9 or even 21 official seals—Zhejiang had already spent heavily to “invite” talent from all over the world. It is important to recognize that every crisis reshuffles the deck. Zhejiang’s approach to playing its hand involves taking a holistic view, daring to “create something out of nothing,” being bold enough to “make a big deal out of small matters,” and aiming for the right opportunities to play its “ace in the hole.”

A Top Performer in Reform

Striving to Be a Trailblazer

Zhejiang, this top student, has consistently remained in the “front row” throughout its journey. To use a parental analogy, Zhejiang is that “model child” everyone admires—reliable and ambitious. Why does Zhejiang possess such self-motivation and confidence? It cannot be achieved by money alone; it is also tied to Zhejiang’s DNA. Let’s not even mention the old tales of “trading chicken feathers for sugar.” When I once visited Wuzhen, even the children at street stalls knew the “business principles” of bartering—it seems the entrepreneurial gene is ingrained in the very bones of Zhejiang people. Beyond Yiwu’s “chicken feathers for sugar” business model, there is also the classic “Wenzhou Model.”Enacting the nation’s first regulations for private enterprises, establishing the country’s earliest specialized rural markets, and issuing the nation’s first business license for an individual entrepreneur… History is marked by numerous “Wenzhou firsts.” As is well known, Zhejiang—a pioneer of China’s reform and opening-up—has unveiled bold reform measures, taking the lead in exploring the “output per mu” reform and staying at the forefront.The concept of “output per mu” has become a hard benchmark for Zhejiang to measure the quality of economic development. Simply put, “judging success by output per mu” means giving preferential treatment and encouraging the development of enterprises that achieve good economic and social benefits with minimal resource consumption during the economic development process; conversely, it applies reverse pressure on those backward enterprises that consume excessive land and energy, prompting them to “make way for new opportunities.” Zhejiang’s experience has proven that the “performance-based on per-mu output” reform has played a significant role in optimizing the economic structure and transforming the development model, offering valuable lessons for the nation in accelerating this transition. Why was Zhejiang chosen last year to establish a “Demonstration Zone for Common Prosperity”? The primary reason is Zhejiang’s extensive experience in social reform. There is a saying that “today’s Zhejiang is China 20 years from now”—a statement that applies not only to the economy but also to the social system.

What is being taken away is not people

but development potential

Given Zhejiang’s excellence, why does it still strive so hard? First, as a province driven by the private sector, Zhejiang has the strongest motivation to attract talent. Data shows that Zhejiang has ranked first nationwide for 23 consecutive years in the list of China’s Top 500 Private Enterprises. Last September, the All-China Federation of Industry and Commerce released the “2021 List of China’s Top 500 Private Enterprises.”Zhejiang ranked first with 96 companies on the list, a figure unchanged from the previous year. This clearly demonstrates that Zhejiang’s ecosystem for private enterprise development is exceptional. However, as time moves forward, the landscape of development is not set in stone. In the past, Baidu, Alibaba, and Tencent were the three giants of China’s internet industry, but now, Toutiao, Meituan, and Douyin have emerged and carved out a “new realm” for themselves. This also illustrates that a young workforce brings fresh vitality and abundant creativity, unlocking greater potential for economic growth. As the saying goes, “Generations of talented individuals emerge, each leading the trend for centuries.” Zhejiang’s private economy needs to attract high-caliber young talent to drive industrial upgrading and unleash new momentum for regional development. Second, Zhejiang, with its optimized business environment, is best positioned to attract talent. It is reported that Zhejiang has repeatedly achieved “firsts” in business environment development: it was the first province nationwide to enact a regulation promoting the private economy; in the National Development and Reform Commission’s 2020 China Business Environment Evaluation, Zhejiang ranked first nationally in the number of benchmark indicators; and in the All-China Federation of Industry and Commerce’s 2020 Business Environment Report based on surveys of 10,000 private enterprises, Zhejiang ranked first nationally in overall score… Despite this, in January of this year, Zhejiang officially issued the “Action Plan for Optimizing and Upgrading the Business Environment in Zhejiang Province,” outlining 78 specific reform measures across 19 sectors in four key areas: optimizing market access and business operation mechanisms, enhancing the convenience of business services, streamlining exit channels for market entities, and strengthening the effectiveness of services and regulation. A favorable business environment implies stronger market incubation capabilities, capable of fostering an increasing number of “high-end, cutting-edge” enterprises.For Zhejiang, this represents yet another “win.” Third, Zhejiang, with its innovative venture capital model, is best positioned to attract talent. Let’s do the math: an investment of 10 billion yuan could attract 100,000 outstanding projects from university students. If each project creates five jobs, that’s 500,000 jobs. Even if only 10% succeed, that would mean 10,000 startups in Zhejiang. A rough estimate suggests that among 10,000 startups, there is a certain probability that a new “Alibaba” will emerge. Even if all of them fail, they would still stimulate consumption across various industries. Therefore, Zhejiang is achieving “multiple benefits from a single initiative,” further demonstrating the characteristics of “small government, big market.”

Conclusion

The Zhejiang model and its strength are beyond doubt, but college students—who represent immense future potential and form the backbone of talent—are the focal point of this competition and will become a vital pillar of Zhejiang’s private economy. Against the backdrop of a zero-sum game in population dynamics, every high-quality talent Zhejiang attracts means one fewer person for other provinces. Entrepreneurial innovation and drive are the inexhaustible engines of Zhejiang’s rapid economic development. This is not merely a battle for talent, but the beginning of a transformation in industrial structure and resource allocation.Looking at the bigger picture, what Zhejiang is securing is not merely people, but the future development potential of other provinces.