Beijing's 'Silicon Valley' Eyes Foreign R&D

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Last updated at: (Beijing Time) Friday, March 22, 2002

Beijing's 'Silicon Valley' Eyes Foreign R&D

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Business chiefs in China's premier science and technology park have fixed their eyes on the world's top 500 enterprises, hoping to persuade them to set up research and development (R&D) centres in Beijing's Zhongguancun area.

Chairmen of the firms gathered in Beijing on Wednesday evening to hear a presentation by Vice-Mayor Liu Zhihua on the business benefits of setting up in the zone.

The China Economic Saloon: Night of Zhongguancun were also attended by officials of foreign embassies in China and representatives from some foreign business associations in the capital.

"Zhongguancun's infrastructure conditions as well as the soft environment such as benevolent government policies, administrative services and talent resources, have been totally upgraded in recent years," the vice-mayor said.

To further promote technological application and guarantee the sustainable development of Zhongguancun, the municipal government and Administrative Committee of the park decided to concentrate on introducing more global high-tech giants.

"A specific fund for Zhongguancun's infrastructure renovation and technology application has been established to run alongside existing preferential policies," said Liu Xiaomin, a director with the International Co-operation Department of the committee.

Besides construction infrastructures and office buildings, high-quality residential communities and related facilities are being designed to offer comfortable and convenient services for those people that settle in the zone.

According to official statistics, there were more than 1,400 foreign companies in Zhonguancun at the end of last year - 347 of which were newly approved over the year.

Contractual and actual foreign investment in Zhongguancun reached US$600 million and US$350 million last year, up 22.4 per cent and 52.1 per cent on 2000.

There are 48 foreign-funded research and development centres in Beijing, half of which have selected Zhongguancun.

"At present, some of the world's top 500 firms, such as Samsung, Sony, LG and HSBC, are negotiating with us for places in the park," the director added.

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