The Research Grants Council (RGC) welcomes the establishment of an HK$18 billion Research Endowment Fund by the Goverment.
The new fund, announced in the 2008-09 Budget by the Financial Secretary, is an important step to enhance research support in the higher education sector to fulfil Hong Kong's aspiration of developing world-class universities.
"This is a great recognition of the excellent research work that is undertaken by academics and their students at higher education institutions in Hong Kong," Professor Roland Chin, Chairman of the Research Grants Council said.
"Research is vital to Hong Kong's future. Our role as academics is to discover knowledge and then transfer that knowledge to benefit the broader community. The establishment of this endowment fund shows the Government's determination of the role that research plays in Hong Kong's transformation to a knowledge-based society. This is also the recognition of the importance of higher education in Hong Kong's future."
The Government's investment in future research takes the form of two separate components: possible increase of the current annual RGC grant, and the support of our effort to focus research in a number of chosen critical areas. Moreover, an extra 800 research post-graduate places will be added to the institutions funded by the University Grants Committee (UGC) which is currently providing funding for 4,765 research post-graduate student places. This will enhance the training of reseach manpower needed by society.