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Bauhinia Valley innovation guidance body established in Hong Kong to support youth start business in Chinese mainland

Xinhua, April 25, 2016 Adjust font size:

Chan King Wai, chairman of the Hong Kong China Chamber of Commerce and Hong Kong King Wai Group Company Limited, announced here Monday the donation of 200 million Hong Kong dollars (25.8 million U.S. dollars) to set up innovation centers in 10 universities in the Chinese mainland.

The Bauhinia Valley Innovation Guidance Centers, to be set up in collaboration with universities including Tsinghua University, Peking University and the China Foreign Affairs University, will facilitate innovation and business ventures for small and medium sized enterprises (SMEs) as well as young individuals from Hong Kong.

Zhang Xiaoming, director of the Liaison Office of the China's Central People's Government in the Hong Kong Special Administrative Region, said at the inauguration ceremony that the country's 13th Five-Year Plan mentioned support for SMEs and young people from Hong Kong and Macao to start business and seek development in Chinese mainland, and the establishment of the Bauhinia Valley Innovation Guidance Centers were in line with national development strategies.

Chan King Wai noted that with the setting up of the innovation guidance centers, financial services assistance and guidance to make use of the financial market will be made available. As for the scale of the fund, phase one will start from 10 billion RMB (1.54 billion U.S. dollars) and the total volume will be gradually increased to 50 billion RMB (7.7 billion U.S. dollars).

Meanwhile, Bauhinia Valley Innovation Development Centers will also be set in different cities, making use of different specialties of those cities to form development centers with characteristics.

Apart from Hong Kong SMEs and young people, overseas Chinese enterprises as well as younger generation of overseas Chinese who choose to start up businesses in mainland could also be facilitated by the program.

The Hong Kong China Chamber of Commerce, as well as related organizations of overseas Chinese societies will cooperate with the 10 universities in Chinese mainland to establish the Bauhinia Valley Innovation Guidance Centers. Relevant offices shall also be set up so as to choose valid candidates. Endit