On January 7th, CPC Jinan Municipal Committee and Jinan Municipal People's Government held a press conference to introduce and interpret the Implementation Opinions of Jinan City on Financial Support for Talent Entrepreneurship and Innovation (Trial). Zhang Xinbo, Member of the CPC Group and Deputy Director of Jinan Local Financial Supervision and Administration, said that Jinan would give one-off subsidies of 100% of the premium to enterprises established (or led) by talents at provincial level and above, with a maximum subsidy of 300,000 yuan for a single enterprise.

As Zhang Xinbo said, there are certain risks in entrepreneurship, and because of that, many talents will choose to give up, and numerous good projects are stifled, which may be a great loss to economic and social development.

In order to improve the anti-risk ability of talent enterprises, Jinan has issued the talent insurance support policy. First, it aims to expand the protection of existing insurance products. For example, we will develop petty-loan guarantee insurance products for enterprises of talents, increase the underwriting amount and risk tolerance of products such as the insurance for the first (set) major technical equipment, the first application insurance of new materials, the first version insurance of software and other products, and strengthen the ability to guarantee the quality and liability risks of new products and technologies.

In addition, we will innovate and carry out venture insurances for high-level talents. We will select 3-5 insurance institutions as pilot units, and encourage them to develop venture insurance products such as “R&D equipment loss insurance”, “R&D expense loss insurance”, “R&D liability insurance”, and “high-level talents personal insurance”, so as to provide all-round and full life-cycle guarantee from R&D to product launching for venture enterprises. Eligible start-ups of talents will be subsidized by the municipal finance in proportion to the insurance premium of the start-up insurance.

At present, only a few cities in China have started venture insurance, and Jinan has the highest amount of subsidies and the widest scope of support in the province. One-time subsidy will be given to enterprises created (led) by talents at or above provincial level at 100% of the premium, with a maximum subsidy of 300,000 yuan for a single enterprise. Enterprises established (or led) by candidates of the “Quancheng 5150 Talent Introduction Plan” and “Quancheng Industry Leading Talents” shall be given an one-off subsidy according to 60% of the insurance premium, and the maximum subsidy for a single enterprise is 180,000 yuan. After the insurance, the risk related to the R&D project in R&D process of the talent enterprises will be borne by the insurance company, and the maximum compensation amount can reach 20 million yuan, which effectively eliminates the worries of entrepreneurs and escorts the talent entrepreneurship projects.