Guangzhou goes after HK, Macau youth

The provincial capital is raising the bar for other Greater Bay Area cities, rolling out incentives for Hong Kong and Macau youth to live and work in Guangzhou. These include a RMB1 billion seeding fund, apartments, and other subsidies under a new program that will launch this weekend.

The key focus of the plan is to “encourage innovation and entrepreneurship”. The city government will build 10 innovation and entrepreneurship bases over the next three years, supported by more than 1,000 apartments, all underpinned by a RMB1 billion investment fund. Young talents from the two SARs can enjoy free company registrations, discounted office rents and a bunch of other support services at these venues.

Cold hard cash will be up for grabs, too. Subsidies for individuals of up to RMB200,000 per year will be available; for partnerships it will rise to RMB300,000 per person; and for enterprises it can rise as high as RMB3 million per company. Moreover, loans of up to RMB5 million per project will be offered.

That is not all. Talented youth who don’t feel terribly entrepreneurial just yet but would like a career to start, worry no more: Guangzhou will provide around 2,000 internship opportunities in the fields of information technology, artificial intelligence, biomedicine, autonomous vehicles, finance and government-related institutions.

Did we hear you say tax exemptions? Of course, those will be on offer, too. Details to come.

Read more (in Chinese).