Authorities in the Guangdong-Macao In-depth Cooperation Zone in China's Hengqin island on Tuesday released several measures to support the development of enterprises funded by those from the Macao Special Administrative Region, the first of such dedicated preferential policies.

The measures include subsidies for rent, decoration and research and development (R&D), as well as rewards for setting up brands in the area.

The newly-released support measures are expected to lower the operational costs of these Macao-funded enterprises in the economic zone and provide them with new opportunities to further expand their businesses, said Fu Yongge, deputy director of the executive committee of the cooperation zone in Hengqin.

The policy is also expected to encourage more Macao residents and firms to seek development in the cooperation zone, he added.

Fu also revealed that the Hengqin cooperation zone is expected to come up with more policies on rewarding talents, promoting the development of the conference and exhibition industry, and the tourism sector later in the year.

Read More: Officials: China considers payments in Macao currency in Hengqin economic zone

Detailed measures on rent and R&D subsidies, and brand settlement rewards

Rent subsidies for office and commercial buildings under the new measures will be extended to more enterprises from different industries, compared with previous policies that only benefited certain industrial parks in Hengqin.

To further stimulate innovation and foster science and technology R&D and high-end manufacturing on the island, up to 5 million yuan ($720,000) in annual subsidies will be offered to Macao-funded enterprises with de facto operational and R&D activities in the zone.

Macao specialty stores and catering enterprises will also be provided with incentives for them to settle within the cooperation zone to improve local facilities for Macao residents living on the island. According to the measures, a "Macao Classic Brand" may be rewarded a one-off 300,000 yuan ($43,230) after at least one year of actual operation since the opening of their first shop in the area.

The support measures will come into effect on January 1, 2023, and remain valid until December 31, 2025.

(Cover via CFP)