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HK$300m youth development fund open to Shenzhen-based startups – Chief Sec.

Chief Secretary Carrie Lam Cheng Yuet-ngor has said that the government’s HK$300 million youth development fund will be open to young Hongkongers who launch their businesses in Shenzhen’s Qianhai New District, a pilot district for cooperation between mainland China and Hong Kong and innovation in the service industry.

Speaking at a convention on Monday hosted by the Shenzhen government, Lam said that the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone will boost development in both its host city and Hong Kong, citing the central government’s policy of support for the territory.

Lam quoted a speech by Chinese president Xi Jinping, given two years earlier, in which he said that Qianhai’s development relies upon Hong Kong. Xi also said that Qianhai should learn from Hong Kong’s successes in the high-end service industry.

Carrie Lam at the convention in Shenzhen.

Carrie Lam at the convention in Shenzhen. Photo: Gov HK.

Lam said that more than 2,300 Hong Kong companies have already been registered in Qianhai and neighbouring Shekou, another Shenzhen district.

“I hope that through the efforts of different parties, the development of Qianhai will continue to mature and attract more Hong Kong companies and professionals to work [there],” she said.

The government’s youth development fund was proposed by Chief Executive Leung Chun-ying in his policy address in January. The aim of the fund, which has yet to be established, is to support innovative youth development activities not already covered by existing schemes.

HK$300m youth development fund open to Shenzhen-based startups - Chief Sec.