Hong Kong's universities are offering more places for postgraduate students as the government pours extra cash into higher education in its drive to develop a knowledge economy.
More than 170 extra places for research students were opened in September and a further 260 will be created next year as part of a 17 per cent expansion in research postgraduate education over three years.
The places include more than 100 PhD fellowships, which carry a monthly stipend of HK$20,000 and an annual travel allowance of HK$10,000. The awards, which are open to local and foreign students, aim to attract the best young brains from around the world.
Universities also received the first income from the government's HK$18 billion research endowment fund set up last year, with HK$675 million going towards hundreds of research projects.
A spokesman for the University Grants Committee said it hoped the total projected annual income of about HK$900 million from the fund would be available in the next academic year.
Total competitive research funding rose 4 per cent this year after the investment income from the fund was used to replace most public funding for research grants, with the government contributing HK$100 million.