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Old Firms Gain New Brains
China will accelerate technology upgrades for the information technology, biological engineering, material science and environmental protection industries, officials from the Ministry of Science and Technology said on May 24, according to China Daily.
The State has approved 1,047 programmes related to these industries this year, the ministry's Torch High-tech Industry Development Centre announced at a press conference in Beijing.
These programmes need a total investment of 33.2 billion yuan (US$4 billion), said centre official Li Linxi.
To facilitate the implementation of the programmes, regional scientific and technological administrations will help high-tech firms apply for loans from major banks, said Li.
Li said these programmes feature large-scale production and target large potential markets.
A new anti-cancer medicine produced by Tonghua Fangda Pharmaceutical Company in Jilin Province has been listed as a key State-level project for the next few years.
China's high-tech industries sprang up in 1988, when the State initiated the Torch Plan to develop modern technologies and boost traditional industries with new technology, said the development centre's director Zhang Jing'an.
"High-tech industries have a catalyst role in developing regional economies and help improve the productivity of traditional industries," said Zhang.
In Shenzhen, for instance, the information industry accounts for more than 32 per cent of the city's total industrial output each year.
In Shenyang of Liaoning Province, one of China's industrial bases, some 160 high-tech projects have been introduced into 106 large and medium-sized State-owned firms over the past few years, yielding an additional billion yuan (US$481 million), Ministry statistics indicate.
To further the development of high-tech industries, the State encourages regional high-tech development zones to introduce venture capital systems to help accumulate funds for high-tech firms, said Zhang.
Intermediary service agencies and technology innovation centres are encouraged to work hard for high-tech industries, he added.
At Wednesday's conference, the Hong Kong-based Global Chinese Cybercapital (Holding) Ltd and the Torch High-tech Industry Development Centre signed a co-operative agreement.
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