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East China Province to Establish Venture Capital Fund
East China's Shandong Province, one of the country's economic powerhouses, will establish a venture capital fund this year to help accelerate the development of high- tech industries.
Han Yuqun, a deputy governor of Shandong, said the provincial government plans to put one billion yuan (about US$120 million) into the fund.
According to Han, the fund will focus on financing high-tech industries, upgrade of traditional industries and innovation projects in small and medium-sized enterprises.
Shandong has set up more than 120 technology centers in its major enterprises over the past several years. Total investment in innovation projects in these enterprises will account for three percent of their sales this year.
Shandong generated 766.23 billion yuan (about US$92.3 billion) of gross domestic product last year, ranking third in the country.
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