Students who have graduated from Shanghai's universities over the past two years can now receive financial support from the government and small loans if they set up their own businesses in the creative industries or science and technology.

For the first time, non-native university graduates can also receive the small loans, according to a notice released by the Shanghai Education Commission and the Shanghai Human Resources and Social Security Bureau yesterday.

No details were revealed about the size of the loans available, but graduates who successfully set up businesses can also receive housing and social insurance subsidies, loan guarantees and low interest rates for 18 months.

A subsidy for entrepreneurship will now be provided to graduates who are engaged in agricultural start-ups.

Non-native university graduates who set up firms in Shanghai and employ native laborers will be given preferential treatment if they apply for a Shanghai residence permit, or hukou.

This year 158,000 students are expected to graduate from Shanghai's universities, an increase of 9,000 since 2008.

This morning, officials from the Shanghai Education Commission will host an online forum at eastday.com about the city's employment support in 2009.

(Shanghai Daily January 9, 2009)