Zhonguancun Technology Park Guaranteed Full Backing

On March 2, afternoon, Dai Xianglong together with governors of Industrial and Commercial Bank of China, China Construction Bank and other six state-owned banks attended a gathering under the theme of "bankers, scientists and entrepreneurs join hands to help promote the construction of Zhongguancun Technology Park".

Dai said that Chinese banks have by their improved service helped the development of hi-tech industry zones in China. By the end of 1999, they have provided 53 hi-tech industry development zones with a total of 75.8 billion yuan of loans, 18 billion yuan increase, up 31.23 %, 18.7% growth over the country's loan amount than planned in the year. Total sale earnings by hi-tech industry development zones reached 107.5 billion yuan, up 64% over the year before. Loans overdue are much less than those of ordinary loans issued. Dai said that banks should aid the construction of Zhongguanchun Technology Park in the following aspects:

First, expand the range of loan issuance, give support to enterprises in carrying out technological renovation and construction of technology parks by universities. Second, increase long- and mid-term loans for improved technology renovation ability by hi-tech development zones and hi-tech enterprises. Third, adjust financial policy, create conditions to set up risk investment institutions. Fourth, adjust financial setup, improve the functions of financial service, support foreign enterprises to project hi-tech undertakings in China, introduce foreign financial institutions, improve foreign exchange administration. Fifth, set up financial service coordinating groups to study into problems arising in the course of construction of Zhongguanchun technology park and other hi-tech industry development zones.

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