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 | Friday, April 21, 2000, updated at 14:47(GMT+8) | ||||||||||||
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9 Billion Yuan Low-interest Loans to Support Technology TransformationIn order to speed up industrial upgrade and enterprise technical transformation, China will strengthen its investment on enterprise technological transformation. It is informed that out of 100 billion worth of national debt, 9 billion-yuan will still be used to support the projects of such key enterprises in the key fields.Gan Zhihe, Director of Investment & Planning Department of State Economy and Trade Commission (SETC), reveals that to support key tech-transformation projects by using national debt the following two forms will be taken, i.e. project allowance and loan interest discount. Project allowance will be used to support the 520 key state enterprises and 120 trial enterprise groups and tech-transformation projects of good social results with preference being given to some backbone enterprises in the western region. Other enterprises listing in key state tech-transformation plans will enjoy the support of deducted-interest loan. Gan remarks that the principle of choosing these projects is to support the strong and excellent. What is different from the past is China will increase fund assistance to some excellent enterprise in financial difficulties and offer more deducted-interest loan to the leading enterprises in some industries. This year's national debt will be used for enterprises to improve R&D, to build up technological center and energy-saving model project. However, the funds used in newly started techno-transformation projects are relatively small, only around tens of billions worth of fixed assets investment in total will be launched. Gan said, a considerable part of 9 billion yuan of national debt will be used to increase input to ensure the completion of 647 projects supported by discount-interest treasury bonds last year so as to pull up the growth in economy. SETC is preparing new management of tech-transformation. Gan suggest that with the transformation in government functions, the malpractice of repeated construction resulted from many levels of examination and approval must be reformed and the management method of fixed assets and tech-transformation to be innovated. He pointed out that SETC has proposed to encourage banks to examine and approve loans independently to a wider extent.
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