The China Science and Technology Development Institute (CSTDI) has forged a strategic alliance with a Hong Kong company in a move to promote high-tech development in China.

According to local sources, under the alliance, CSTDI is responsible for locating scientific research programs which are of commercial value, and Celestial Asia Securities Holdings Ltd. of Hong Kong is responsible for pooling the money to develop the programs.

CSTDI, with headquarters in Shenzhen, is jointly formed by the Chinese Ministry of Science and Technology, Guangdong Provincial Government and Shenzhen City Government. The institute, which has branches in 20 Chinese cities, is mainly engaged in marketing high and new technological research achievements at home and abroad.

Celestial Asia Securities Holdings Ltd. of Hong Kong is a full-range financial service conglomerate and provides clients with world-wide investment opportunities.

The two partners will soon start up a joint stock-consulting business. (Xinhua)