This undated photo shows the skyline of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. (PROVIDED TO CHINA DAILY)

Incubators and entrepreneurs have applauded new measures inaugurated by the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone to support the work and entrepreneurship of resident Hong Kong and Macao youth. . 

The authority unveiled 12 measures covering office space, housing, employment, entrepreneurship, scientific innovation, and livelihood on Thursday. Under the initiative, eligible youth from the two special administrative regions who are employed in Qianhai can enjoy a monthly subsidy of 20 percent of their taxable salary for up to three years, with a maximum of 5,000 yuan ($696.33) per month.

The Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub, or E-hub, has incubated more than 800 startups, with about 460 from Hong Kong

Employers can receive a subsidy of 10,000 yuan per Hong Kong employee for all recruitments since July 1, 2021, with a ceiling of 200,000 yuan. For one-month or longer internships, firms will also be granted a monthly subsidy of 2,250 yuan for undergraduate students, 3,750 yuan for postgraduate students, and 6,750 yuan for doctoral students.

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Hong Kong and Macao startup projects which are subsidized by official institutions or the governments of the three cities can apply for an award of up to 1 million yuan. Office and home rental subsidies are also provided to eligible Hong Kong and Macao residents under the age of 45.

The Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub, or E-hub, has incubated more than 800 startups, with about 460 from Hong Kong. The E-hub also provides about 400 talent apartments while 100 more are under construction.

Zhang Nanze, the general manager of TechX Accelerator in the E-hub, said the 12 measures will bring significant benefits to the incubator’s resident startups, 80 percent of which are Hong Kong-funded. “It also provides the greatest encouragement for Hong Kong entrepreneurs, and I have already received positive comments from the Hong Kong community,” he added.

Billy Leung, a Hong Kong youth who has been working in Qianhai for nearly a year, believes these policies have provided a new driving force for his own business. The "12 policies" for Hong Kong and Macao Youth Employment and Entrepreneurship in Qianhai are expected to further promote the development of the innovation and entrepreneurship ecosystem in Qianhai and attract more young entrepreneurs.

Lai Cheng, general manager of a startup working on the generation semiconductor in Qianhai, said various supporting subsidies and policies, including offices, talent apartments, and services for startups, have attracted many youth to Qianhai and it can facilitate the startup to find the best talents. 

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Qianhai, which  is also part of the Guangdong Free Trade Zone, topped all free trade zones in China according to a ranking released on Thursday by the Institute of Free Trade Zones at Sun Yat-Sen University.

On Friday,  the Qianhai authority released a series of Shenzhen-Hong Kong cooperation achievements this year, especially in the construction sector. In the first half of this year, Qianhai authorities launched new measures to promote the integration of construction management mechanisms, including professional qualification registration system, project supervision, engineering mediation mechanism, and engineering measurement and pricing system.

Bolstered by these policies, 50 professional institutions and 444 professionals from the construction sector in Hong Kong have registered in Qianhai so far. Among them, 10 Hong Kong-based professional companies have undertaken projects independently, and 74 Hong Kong professionals have participated in Qianhai's project construction.