HONG KONG, May 8 (Xinhua) -- China's Hong Kong Special Administrative Region (HKSAR) government Tuesday announced that it will launch the Technology Talent Admission Scheme (TechTAS) to meet the demand for talent in the innovation and technology sector.

The scheme will accelerate the admission of research and development talent from overseas and Chinese mainland. It will run on a pilot basis for three years and a maximum of 1,000 people will be admitted in the first year.

The scheme will be open to tenants and incubatees of Hong Kong's Science & Technology Parks Corporation, and Cyberport that are engaged in biotechnology, artificial intelligence, cybersecurity, robotics, data analytics, financial technologies and material science.

The persons admitted under the scheme should be degree holders in science, technology, engineering or mathematics (STEM) from a well-recognized university, i.e. one of the top 100 universities in the latest publications of the STEM-related ranking tables of the QS World University Rankings, the Times Higher Education World University Rankings and the Academic Ranking of World Universities.

Work experience is not compulsory for those with a master's or doctoral degree, while those with a bachelor's degree only should possess a minimum of one year of work experience in the relevant technology area.

Hong Kong's Secretary for Innovation & Technology Nicholas Yang said that talent shortage is a global problem and Hong Kong is doing its share in nurturing talent.

Yang said the scheme will help nurture local talent as it requires applicant companies and institutes to employ one new local full-time employee plus two local interns engaging in technology-related work for every three non-local people admitted.

At the quota application stage, applicant companies and institutes must show to the Innovation & Technology Commission of Hong Kong that the talent sought is in short supply in Hong Kong.

Each successful applicant company or institute will be given an admission quota of 100 people a year.

Briefings on the scheme will be held from May to mid-June with a target to invite applications by the end of next month, according to the HKSAR government.