Shanghai Invites Venture Capital to High-Tech

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Last updated at: (Beijing Time) Tuesday, November 27, 2001

Shanghai Invites Venture Capital to High-Tech

China's largest metropolis Shanghai hopes to make a good use of venture capital in its high-tech sector, say sources with the International Symposium on Venture Capital and the Industrialization of High-Tech Research held Monday in Shanghai.

The symposium is an important part of the ongoing Shanghai International Industry Exposition. Shanghai has by far been successful in utilizing venture capital.

Yan Juanqi, deputy mayor of Shanghai, delivered a speech at thesymposium saying that Shanghai will learn from overseas experience about the use of venture capital to make scientific planning in key investment areas.

In addition to venture capital, Shanghai welcomes diversified overseas financing. Yan said that it does not matter if the capital comes from the private or the state sectors, from home or abroad. It is welcomed, as long as it is injected into areas with promising market potential and facilitates the city's economic development. The municipal government of Shanghai has approved 1.2 billion yuan to revitalize local venture capital companies, such as the Shanghai Technological Investment Co. and the Shanghai Enterprise Investment Co.

The funding is expected to help garner some 6 billion yuan in social investment to start up 100 investment projects.

Overall Expansion for Shanghai's High-tech Parks