While I can't know for sure, the US FBI has warned about something that sounds similar:
FBI > Counterintelligence > The China Threat
Some red flags include the up-front payment: they're going to give you a tempting bundle of cash right away, vague requirements (it doesn't seem like they have a specific position to fill, they just want people who fill a certain profile of knowing things), bizarre promises like a "talent title" which they insist is quite the honor, and easily faked duties like "provide leadership in".
I suspect the experience for different people with the program is different. They'll probably only hire you if they think you know something useful. Maybe for some it's a fairly legitimate gig: certainly people have defended the program as no different from any other hiring program. And, it's certainly sensible that a country like China that has access to money and is trying to improve their scientific position would use funding promises to attract talent there. But, similar programs have led to prosecutions in the US:
US Attorney's Office (2021) Harvard University Professor Convicted of Making False Statements and Tax Offenses. Press release of the US Attorney's Office, District of Massachusetts, 21 December 2021
Former Cleveland Clinic researcher charged with fraud for failing to disclose China ties. Cleveland.com, 14 May 2020
Long, J. (2020) Former Ohio State research pleads guilty for lying to FBI about ties to Chinese government. The Lantern, 12 November 2020
Barry, E. and Kolata, G. (2020) China’s Lavish Funds Lured U.S. Scientists. What Did It Get in Return? The New York Times, 6 February 2020
Basically, these cases state that the researchers worked "remotely" for the Chinese government, which meant they sent information to China for payment. For example:
Under the terms of Lieber’s three-year Thousand Talents contract, WUT paid Lieber a salary of up to $50,000 per month, living expenses of up to $150,000 and awarded him more than $1.5 million to establish a research lab at WUT. In 2018 and 2019, Lieber lied to federal authorities about his involvement in the Thousand Talents Plan and his affiliation with WUT.
The legal problems came up when the scientists failed to disclose these connections, running into tax laws and laws against lying to government agencies.
I suspect what happens is that, if you are "hired", they'll make sure you get some money right away, make sure you've committed some crime in your home country like failing to report the income on taxes or to another employer, and blackmail by threatening to disclose the relationship, unless you provide information. The standard intelligence playbook would be to first ask you to share relatively innocuous things, but ultimately they seem mostly after information that will let Chinese companies get a jump start on a technology, or have insider information to make business decisions.