China's Silicon Valley Gets Strong Financial Backing

Zhongguancun, known as the Silicon Valley of China, has received funding from both the local government and financial institutions/

The Zhongguancun managing committee has allocated a total 30 million yuan (about 3.6 million U.S. dollars) to 73 new, high-tech firms in Zhongguancun Technological Park.

Six enterprises including Beijing University Founder Group Corp., and eight industrial projects have been loaned five million yuan, and the research projects of 35 small and medium-sized enterprises received 15 million yuan.

Local stock companies, foundations, and credit investment firms, will also help the enterprises in the park to list in Hong Kong and US stock exchanges for financing. The local banks have worked out detailed loan packages to back up their development.

The Beijing Commercial Bank will give a ten billion yuan loan, or half of its total loan allocation for the whole year, to the technological park. And the Huaxia Bank has expressed its willingness to support the park's infrastructure construction, including the primary land development and the city's light railway construction.

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