The China Development Bank (CDB) will provide 80 billion yuan
(US$10.7 billion) to support the development and innovation of
high-tech enterprises in upcoming five years.
According to a memorandums of understanding recently signed by
the National Development and Reform Commission (NDRC) and CDB, the
fund will be used in high-tech innovation, key projects, small-and
medium-sized high-tech firm development and etc.
It is an effort initiated by the National Development and Reform
Commission (NDRC) to formulate efficient finance channels for the
high-tech industry at China Hi-tech Fair being held in
Shenzhen.
Apart from government supportive policies, the industry still
needs other effective financing methods such as venture capital
investment, bank loans and public listing.
The NDRC will work with the CDB and Shenzhen Stock Exchange to
promote cooperation between high-tech enterprises and the capital
market in a bid to solve financial difficulties of high-tech
enterprises.
(Xinhua News Agency October 13, 2007)