BIZCHINA / VC Industry in China
China encourages development of VC firms
(Xinhua)
Updated: 2006-02-27 09:45
BEIJING: China's State Council said here Sunday that it will encourage
state and local governments and their affiliates to set up venture
capital (VC) firms to finance innovation-oriented start-ups.
According to new financial incentive policies aimed at stimulating
nationwide scientific and technological innovation, the State Council
also encourages the private sector to invest in research and development
of start-up companies.
The incentive policies are targeted at creating a friendly environment
for the implementation of the National Guidelines for Medium-and
Long-term Science and Technology Development.
The State Council says it is considering setting up an innovation stock
market for hi-tech start-ups, similar to the U.S. NASDAQ.
The securities authorities are expected to ease requirements and waiting
periods of corporate applicants wanting to be listed on the stock market.
The State Council urges the State Development Bank to grant soft loans to
hi-tech enterprises, the Import and Export Bank to finance hi-tech
imports, and the Agricultural Development Bank to support
commercialization of new agricultural technologies.
The State Council also encourages commercial banks to actively finance
state hi-tech projects and forge business partnership with hi-tech
start-ups.
(For more biz stories, please visit Industry Updates)
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20071121-Hedy Extracted From http://www.learnchinese.bj.cn
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