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 | Friday, April 21, 2000, updated at 11:25(GMT+8) | ||||||||||||
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China Drafting Laws on Venture InvestmentChina is drafting laws and regulations on venture investments to facilitate the growth of Chinese hi-tech companies, a senior government official said on April 20.Sun Zhenyu, vice minister of foreign trade and economic cooperation, made the remark at an international forum held. The Sino-U.S. Venture Investment Forum was sponsored by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) and NASDAQ and Intel from the United States. Representatives from the sponsors and Chinese enterprises and financial institutions discussed the important role of venture investment in promoting China's hi-tech industry. Cheng Siwei, vice-chairman of the Standing Committee of China's National People's Congress (NPC), said the Chinese legislature is accelerating the process of drafting laws concerning venture investment. It is also considering revising taxation laws and regulations regarding the administration of industry and commerce according to international practices, he said. China is planning to develop a complete legal framework on venture investment. Last year, China amended the Corporate Law to encourage the development of hi-tech companies. Zhang Chaoyang, chief executive officer of the well-known Chinese Internet company Sohu.com, said that over the past year, venture investment in China has greatly improved. He said that many Chinese Internet companies are now able to draw adequate funds for promoting their market. Sun said that since hi-tech companies are expected to play a key role in China's economic growth in the future, the Chinese government will support the growth of these companies.
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