FDCT to update funding regulations and incentive plans

The Science and Technology Development Fund (FDCT) will reformulate its funding regulations and the Science and Technology Award Plan according to public financial funding system provisions and abolish the current funding regulations for science and technology.

The changes were announced in a recent Executive Council press conference, which concluded discussions on the draft administrative regulations and which will take effect June 1.

Current regulations for science and technology funding will end.

Transitional regulations will be implemented for applications submitted before the new regulations take effect.

Xie Yongqiang, chairman of the Science and Technology Development Fund Administrative Committee, has said the updated funding regulations and award schemes will be introduced shortly to ensure a smooth transition.

He said ongoing funding projects and the science and technology award plan will be unaffected.

The new regulations largely resemble existing ones in general scope and content.

The science and technology award plan will also remain unaffected, with the relevant awards scheduled for launch and implementation in 2022.

The SAR government’s objective is to establish a public financial subsidy system that adheres to standardized levels. Howard Tong