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 | Tuesday, April 11, 2000, updated at 14:32(GMT+8) | ||||||||||||
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Hi-Tech Park to Get Financial BoostZhongguancun Science Park, the flagship of China's high-tech sector, may gain more financial support in the next decade, China Daily reports.The park, located in Haidian District of northwestern Beijing, aims for a turnover of 600 billion yuan (72.3 billion U.S. dollars) by 2010, said Lu Hao, director of the park's administration commission. To fuel the park's take-off, the financial institutions pledge to provide further assistance. The Beijing outlet of China's Construction Bank has listed the park as one of its main investment fields, said Zhou Zaiqun, the outlet director. The bank outlet will grant the enterprises and research institutions related to the parks at least 10 billion yuan (1.2 billion U.S. dollars) in loans this year, Zhou said. "Most of the loans will be put into the park's construction and commercialization of its high-tech fruits." The outlet has signed cooperative agreements worth five billion yuan (602 million dollars) with five universities and seven high- tech enterprises in the park. At present, there are 68 universities and 213 research institutions and 6,700 hi-tech firms within the park. Zhou said the bank will further simplify examination procedures when extending loans to the park. The China Development Bank will also provide more loans for the park's construction and high-tech commercialization projects. The park, founded last June with the approval of the State Council, will focus its development on information technology, bioengineering and new medicine sectors within the next 10 years.
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