This Dec 10, 2019 photo shows the east square of the new Hengqin port in Zhuhai, south China's Guangdong province. (PHOTO / XINHUA)
The Guangdong-Macao In-Depth Cooperation Zone in Hengqin New Area of Zhuhai has introduced new measures to boost the development of the biomedicine industry in a move to promote diversified economic development in Macao.
According to the latest measures, which were launched on Monday, Macao-funded biomedicine projects that meet certain requirements will be given 20 percent more capital in subsidies than non-Macao-funded ones
It is the first policy targeting the sector since the promulgation of the Hengqin development plan by the central government in September 2021. The special economic zone was set up with the aim to deepen cooperation between Guangdong province and Macao, and create conditions for the special administrative region to diversify its economy.
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According to the latest measures, which were launched on Monday, Macao-funded biomedicine projects that meet certain requirements will be given 20 percent more capital in subsidies than non-Macao-funded ones.
Market entities developing traditional Chinese medicine, food and healthcare products that get regulatory approval in Macao and are made in Hengqin will be granted up to 20 million yuan ($2.73 million) in subsidies for each type of product if such labels as “Designed in Macao” and “Supervised in Macao” are allowed to be used on them.
The policy also made it clear it will offer greater support for the development of industry-university-research demonstration bases in Hengqin set up by Macao universities and colleges, with an annual subsidy capped at 5 million yuan for each.
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For projects that get technology funding from the Macao SAR government, Hengqin will hand out up to 8 million yuan in supporting subsidies.
sally@chinadailyhk.com