SHENZHEN -- The southern Chinese city of Shenzhen has decided to offer more startup grants for overseas-educated Chinese students in order to lure more talent to the city to start businesses, local authorities said on Wednesday.

Total startup grants for overseas returnees will surge from the previous 15 million yuan ($2.37 million) to 30 million yuan in 2018, according to the local human resources and social security bureau.

The entrepreneurship programs will be evaluated by experts, and the best programs will be granted up to 5 million yuan, according to the bureau.

Shenzhen started to offer startup grants in 2001. The local government has allocated startup grants to 947 firms set up by overseas returnees so far.