Shenzhen to use US$21 million fund to attract Hong Kong and Macau graduates
- Commitment from the Shenzhen Qianhai Shekou Free Trade Zone is part of effort to develop China’s Greater Bay Area into a regional economic bloc
- Last week, amid the ongoing anti-government protests across the border in Hong Kong, Beijing also announced plans to specifically develop Shenzhen as a model city
Graduates from neighbouring Hong Kong and Macau are being attracted to Shenzhen’s Qianhai special economic zone by a 150 million yuan (US$20.9 million) fund providing rent and transport subsidies, according to mainland Chinese media reports.
News of the fund, which will also provide support for innovation projects and entrepreneurs, came just over a week after Beijing revealed plans to develop Shenzhen as a model city and also amid the ongoing anti-government protests across the border in Hong Kong.
The fund is a commitment by the Qianhai special economic zone aimed at strengthening the integration and cooperation between Shenzhen and Hong Kong, the reports on Tuesday said, citing comments from Tian Fu, a member of the standing committee of the Shenzhen Municipal Committee and director of the management committee of the Shenzhen Qianhai Shekou Free Trade Zone.
In May, Beijing said that to develop the Greater Bay Area, high-end talent from Hong Kong and Macau choosing to work in mainland China would be given tax breaks in a bid to boost innovation and entrepreneurship among young people in the region.
Qianhai authorities, have in turn, laid out 36 initiatives to encourage entrepreneurs to start their own businesses in the 15 sq km Qianhai free-trade zone on the west coast of Shenzhen.