Major Chinese provinces and  municipalities have made efforts to attract returned students from overseas to the country's economic development.

   Wuhan, capital of central China's Hubei Province, has set up a  special investment fund to help returned students set up their own businesses here.

   The fund has so far backed 13 hi-tech projects with 2.625  million yuan (316,000 U.S. dollars). All these projects are  initiated by returned Chinese students, covering information  technology, new material, environment, shipbuilding, medicine and  bio-engineering sectors.

   Sources here say that returned students in Wuhan can either  apply for a loan or become an investor of the fund. In the former  case, 80 percent of the interest will be returned to the applicant when he pays off the principal and the due interest. In the latter case, the fund will be retrieved through stock bonuses and equity  transfer.

   In another development, Shanghai, east China's industrial  powerhouse, will issue Chinese green cards, a special residence  permit for returned students, to facilitate their entry and exit.

   The Caohejing New Technology Development Zone in Shanghai has  offered to help apply for such green cards for the returned  students who have established businesses in the zone. "With green  cards, they will concentrate more on their business and do not  have to worry about visa extensions," said an official.

   Some 320,000 Chinese students have gone abroad for advanced  study since the country started reforms and open-up drive in 1978. More students choose to establish their business or find a job in  China after graduation. The number of returned students is growing at an annual 13 percent.

   Up to now, more than 40 high-technology parks have been set up  across the country for the Chinese students returned from abroad  to set up new ventures.