What is "Competitive Research Funding for the Local Self-financing Degree Sector"?
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What is "Competitive Research Funding for the Local Self-financing Degree Sector"?

  • In Policy Address 2011, the then Chief Executive proposed a new injection of $5 billion into the Research Endowment Fund (REF). Out of that, $3 billion was designated to support the academic and research development of local self-financing degree-awarding sector on a competitive basis. Funding was approved by the Legislative Council in January 2012. Assuming a rate of 5% of interest income, there will be about $150 million available per year.

    The Education Bureau (EDB) invited the University Grants Committee (UGC) / Research Grants Council (RGC) to oversee the new resources for local self-financing degree-awarding institutions including the formulation of the framework of proposed funding schemes and monitoring the implementation of the new schemes.

    There are three Funding Schemes for the local self-financing degree sector: