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Last updated at: (Beijing Time) Tuesday, May 21, 2002

China's Silicon Valley Woos More Multinationals

The Zhongguancun Science and Technology Park in Beijing, known as China's "Silicon Valley," plans to invite 5-10 multinational companies to the park in the next five years, according to the park's managing committee Tuesday.


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The Zhongguancun Science and Technology Park in Beijing, known as China's "Silicon Valley," plans to invite 5-10 multinational companies to the park in the next five years, according to the park's managing committee Tuesday.

It will also approve more projects listed in the country's high-and new-technology research and development program (863 program), said Dai Wei, deputy director of the park's managing committee.

The Olympic Games to be held in 2008 in Beijing would provide an unprecedented opportunity for the Zhongguancun park's development. The park would speed up technical innovation to develop new projects for gymnasium equipment for the 2008 Olympic Games, he said.

Outlining the park's five-year plan for scientific development, Dai said high-tech would grow at an annual rate of 20 percent. By 2004, the park's total income from the technology, industry and trade sector would reach 350 billion yuan. The industrial added value would be 80 billion yuan.

Zhongguancun Park has become a new economic boom for Beijing. Statistics show that 347 foreign-funded businesses entered Zhongguancun in 2001, with contractual and actual investment amounting to 600 million US dollars and 350 million U.S. dollars respectively, a rise of 22.4 and 52.1 percent.




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