The Information Office of the Wenzhou Municipal Government releases the "510 Program" at a press conference at Zhejiang University in Hangzhou on Sept 24. [Photo provided to chinadaily.com.cn]

The Information Office of the Wenzhou Municipal Government released the "510 Program", an initiative to recruit university graduates, at a press conference at Zhejiang University in Hangzhou, capital of Zhejiang province, on Sept 24.

"510" refers to the five key points of Wenzhou's recruitment plan, namely 100,000 job posts, 10 favorable policies, one-billion-yuan ($146.7 million) in dedicated funding, 10 major activities, and the one-year target of employing 120,000 university graduates.

100,000 job posts

In response to Wenzhou authorities, companies, research institutes, universities, schools, hospitals, and government organizations in Wenzhou are now offering a total of 100,000 jobs exclusively to university graduates.

More than 80,000 of the jobs are provided by companies (over 78,000 by private enterprises and over 2,000 by State-owned enterprises).

Wenzhou-based universities and research institutes also plan to step up their recruitment efforts, setting a goal of hiring at least 1,500 master's and doctoral degrees holders over the next 12 months.

Meanwhile, the city's high schools, elementary schools, and kindergartens plan to recruit more than 1,500 university graduates, and the city's medical institutes and administrative units plan to hire 1,500 and 1,000 university graduates, respectively.

One billion yuan in funding

One billion yuan in funds will be allocated as subsidies for employment, entrepreneurship, social insurance, housing rentals and purchases, transportation fees, internships, and more.

A person with a bachelor's degree will be able to receive 18,000 yuan in employment subsidies, 10,000 yuan in social insurance subsidies, a 3,000-yuan housing provident fund, and an annual rental allowance of 10,800 yuan.

An additional housing purchase subsidy of 100,000 yuan will also be granted to graduates from outstanding universities participating in the country's "Double Top" plan. Master's degree holders will receive 200,000 yuan, while doctoral degree holders will receive 400,000 yuan.

Wenzhou is a thriving city in the Yangtze River Delta region, with more than a million market entities and 300,000 corporations offering many business and career opportunities. The city released its talent recruitment plans at Zhejiang University, the province's most prestigious higher education institute, to demonstrate its ambition to attract highly-talented people for its economic development.