FDCT budget has increased by 88% this year, says economy chief

The Science and Technology Development Fund (FDCT) budget has increased by 88% this year, Secretary for Economy and Finance Anton Tai Kin Ip said yesterday at the Legislative Assembly.

Questioned on the matter by lawmaker Pang Chuan, who said that local investment in scientific research accounted for a tiny proportion of the government’s investments compared to neighboring regions, Tai remarked that, “This year’s Science and Technology Development Fund budget will increase by 88%.”

“As proposed in the Policy Address, the government plans to study the establishment of government industrial funds and technology achievement transformation funds that would support investment in the transformation of research and development (R&D) projects into commercial products and services,” he added.

Tai also added that the local government has been studying various policy tools used in many countries and regions that have produced successful outcomes, stating that the administration will carefully assess public finances, ensure the rational use of financial resources, and explore mechanisms to guide social capital toward joint investment.

The Secretary also said that through the fund, the government will continue to screen projects that align with Macau’s long-term development goals for investment and encourage businesses to establish operations in Macau.

“This year, we will entrust a third-party professional organization to conduct a comprehensive survey, learn from successful experiences, and adapt them to local industry conditions. This includes evaluating multiple aspects such as fund size, management model, investment direction, operational model, and risk control from a mechanism design perspective,” Tai explained.

On the same topic, the chairman of the FDCT’s Administrative Committee, Xie Yongqiang, added that the FDCT has gone through three stages since its establishment. He stated that this year’s key tasks are to increase market investment, and boost investment in talent development, university research, and international collaboration.

He explained that data from the previous two years (2023 and 2024) show that the fund’s support for enterprises increased by 170% and 70% year-on-year, respectively.

Additionally, to strengthen cooperation between universities and businesses, the number of corporate proposals collected this year has nearly tripled year-on-year.

Addressing international cooperation, Xie noted that the fund recently signed a cooperation agreement with the São Paulo Research Foundation in Brazil, aiming to jointly promote scientific and technological innovation and academic exchange.

The fund has launched several new funding programs to guide private capital investment, attract companies to settle in Macau, and increase R&D investment.

Macau is not immune to global trends, Tai says

The local economic situation is stable, but Macau is unlikely to be immune to prevailing global trends of protectionism and unilateralism, Secretary for Economy and Finance Anton Tai Kin Ip said yesterday during his initial presentation of the sectoral policy address for the economy and finance.

At the Legislative Assembly, Tai said, “The worsening of unilateralism and protectionism is affecting global economic development and the stability of supply chains, influencing economic activity, inflationary trends, and monetary policy directions set by major central banks. This is giving rise to various instabilities and uncertainties for both Macau’s and the global economy,” adding, “Macau, being a highly open, outward-oriented microeconomy, cannot fully insulate itself from external impacts.”

Tai also attributed the slowing recovery of Macau’s economy, particularly in the integrated resort sector, to these global pressures, noting that “the complexity and volatility of the international situation, along with major shifts in the consumption patterns and behaviors of visitors and residents,” has contributed to the current slowdown following the initial post-pandemic recovery after border reopening.

Despite acknowledging these challenges, Tai did not propose any specific policies or solutions to address them. RM