China like India and very probably most modern economies has a financial/legal system which strongly favours the local partner. Don't be surprised if your IPR is severely diluted through lawful means and so if you look to this program (and btw, having visited several large cities in China over the last 2 decades, there are awesome opportunities) be mindful about statements to future value: Bird in hand and all that...

Horror stories about

"we were fine right up to launch and the day before I was shunted aside and it turned out the real owners were..."

or

"...and then the state siezed the assets on non-payment of bills and I found out it was a giant shell company"

or

"...and then the national telco was invited to compete and suddenly all our locked in customers evaporated as our business plan was cloned"

I really like China. I've only ever worked with NFPs there, but australian nightly news used to be full of businesspeople coming back with their shirt in tatters. The exceptions are there: people who have done really well. across lots of sectors, Austalian building firms doing town house developments (you would think real estate was risky!) or peope in horse, sheep breeding, wine production (training Chinese companies how to steal our lunch in the longer term...)

India, it's a huge market. There are going to be so many well trained, competent ex-H1B visa holders who decide they'd rather work in South Asia for a bit, I suspect there won't be an equivalent from India to match this k-visa idea.

So, we have two tales. In the USA, H1B visas are critical to acquire talent for tech because of critical shortage of talent OR they are used to suppress salaries and replace American workers with less expensive indentured servants who have very limited rights.

In both cases those workers come and there is a large pool of those willing to come, because they view the opportunity to work in the USA as a way to potentially live there long term. The is still the view that the USA presents a unique opportunity to have personal freedom and be rewarded for hard work.

I’m not aware of China having those characteristics or being perceived as having those characteristics by technical talent globally.

It will be interesting to see the outcome