Qianhai boosts innovation with ￥20M in subsidies

The Qianhai Authority unveiled an updated version of the "Measures for Supporting Technological Innovation in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" on July 5 with the objective of fostering technological innovation within the pilot free trade area.

An aerial view of Qianhai's Guiwan area. Photo from Dute News

According to these new measures, revealed during the High-quality Development Promotion Conference for Science and Technology Service Industry in Qianhai, each eligible individual enterprise and institution stands to receive financial assistance of up to 20 million yuan (US$2.75 million) annually.

The release of the measures represents the convergence of a comprehensive policy framework spanning Qianhai, Nanshan, and Bao'an. The primary goals of these measures are to encourage partnerships between Qianhai-based companies and universities, as well as research institutions in Hong Kong and Macao. 

Furthermore, they aim to facilitate research endeavors for Hong Kong and foreign enterprises, bolster investments in research and development for high-growth enterprises, and provide holistic support for the growth of the science and technology service industry.

Recent reports indicate a steady advancement in the science and technology service sector in Qianhai, with a notable focus on specialization and scalability, leading to an ongoing optimization of the industrial structure. Notably, between January and May of this year, revenues of enterprises in this sector with an annual revenue of over 20 million yuan from their main business surged by 21.6% compared to the previous year, with the top 10 companies in this sector recording an impressive growth rate of 50.9%, signaling a promising trajectory of development.