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Awarding Personnel Benefits the Country Most, Expert
A leading Chinese economist said Wednesday that encouragement mechanisms, such as stock options, might constitute a solution to the brain drain, which might occur after China's accession to the World Trade Organization (WTO).
Li Yining, a professor at the prestigious Peking University, made the remark at a forum, which is part of the ongoing Beijing High-tech Industries Week.
Li said that Chinese enterprises will face great challenges in fighting for talented professionals with foreign counterparts swarming into China after China's WTO entry.
To compete with handsome compensation packages provided by foreign enterprises, Chinese companies should allow holders of intellectual property rights to become stockholders or give outstanding entrepreneurs and researchers stock options so as to solicit greater achievements from the awarded, according to Li.
"China and the Chinese society will be the largest beneficiaries of the awarding system instead of the awarded individuals," said Li.
He also urged Chinese educational institutions to train more professionals to be familiar with the economic rules in the framework of WTO policies.
Li is a veteran economist in the research of using stock systems to upgrade Chinese enterprises and is dubbed "Stock Li" in Chinese economic circles.
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