A foundation has been set up to fund the work of overseas social management experts in China.

The State Administration of Foreign Experts Affairs and Hong Kong New World Development Company Limited co-founded the Overseas High-end Talent Exchange Foundation, with each contributing 10 million yuan (1.58 million U.S. dollars).

One of its foundations focused on social management officially launched Thursday, inviting applications.

Wang Haiyang, director of China International Talent Exchange Foundation, the fund's trustee, said the fund is to support the implementation of talent exchange programs in the field of social management.

The fund will be used to pay for the travel, salaries and per-diem expenses of overseas experts specializing in fields such as social management laws, the social credit system, social stability risk assessment, fiscal and taxation policies, household registration systems, income distribution reforms, laws and advanced warning systems for social emergency response situations, among others.

Applications are open to all programs aimed at promoting China's social management through the exchange of high-caliber overseas talents. The talents should be well-known or influential scholars in a certain field or celebrities holding important positions in relevant organizations.

The list of approved programs will be released at the end of June, and the programs will start operating before the end of the year.