Recently, the Guangdong-Macao In-Depth Cooperation Zone in Hengqin released 30 measures to further stabilize the economy, which include specific measures to improve financial services for the real economy, foster new industries, and reduce the operating costs of market entities.

(Photo / Nanfang Daily)

For instance, small and medium-sized enterprises in the cooperation zone which have received new financing guarantee support during the epidemic will be subsidized for their financing guarantee costs. The maximum subsidy will be up to 50% of the actual financing guarantee costs and the maximum amount of annual subsidy for a single enterprise will be up to 300,000 RMB.

In addition, the rent subsidy duration for all industrial office space in the cooperation zone will be extended from 3 to 5 years, and the rent support in the latter 2 years will be 50% of the subsidy in the previous 3 years.

In terms of consumption, a total of 50 million RMB will be used for issuing consumption vouchers, service vouchers and other subsidies for service industries heavily impacted by the epidemic. Also, a special fund of 20 million RMB will be offered to support the zone's tourism and catering industries, and to attract more Macao residents to participate.

To foster new industries, Hengqin will hold the Third China (Hengqin) Scientific and Technological Entrepreneurship Competition. The winning teams will be given free funding for research and development expenses, with a total amount of 300 million RMB and a maximum of 100 million RMB for a single team.

It will also develop new Internet industries such as Metaverse by launching support policies for relevant industry, and to establish the first open Metaverse innovation pilot zone in China.

Author: Lynette (intern)

Editor: Wing, Nan, Will, Jerry