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The First Phase of One Billion Yuan for "Innovation Funds" Assigned
Approved by the State Council, the technology innovation funds, as organized and implemented by Ministries of Science & Technology, and Treasury, which was formally launched in June, 1999, for small-and-medium technology-oriented enterprises has made initial achievement up to now.
By Jan. 31, 2000, 3329 project applications were accepted with applying funds value amounting to about four billion yuan. Through the assessments by technical and economic experts, rating institutions and biding agents as well as the ratification of ministries of Technology and Treasury 1089 projects were approved with funds of 0.816 billion yuan assigned.
In addition, the assessment for the first batch of projects in the year of 2000 has been completed and the two ministries will soon issue the approval. It is projected that 200 projects will be arranged with funds of 0.17 billion yuan. Up to now, the first phase of one billion yuan from central fiscal has all been assigned for use.
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