China-US Joint Promotion of High-tech SMEs DiscussedChinese and US government officials, businessmen and personnel from venture capital organizations gathered in Beijing Wednesday to probe partnering and investing opportunities for promotion of high-tech small and medium-sized enterprises (SMEs).China is to establish soon a high-tech stock market for high- tech SMEs, said Chinese Vice-Minister of Science and Technology Xu Guanhua told a symposium jointly sponsored by the Ministry of Science and Technology and the US Department of Commerce. Xu said China and US should increase exchange and cooperation in the development of high-tech SMEs and the field of venture capital. The symposium, entitled "Partnering and Investing Opportunities: Practical Tools to Promote High-Tech SMEs," is focused on the environment for invention, conditions for the smooth growth of high-tech SMEs and the establishment of a venture capital system. Cheryl Shavers, US Under Secretary of Commerce for Technology, said at the symposium that high-tech SMEs have been playing a very important role in promoting economic growth, creating new jobs, and boosting export and sales. She also expected more exchanges and cooperation between the two countries in the development of high-tech SMEs. China registered a total of more than 70,000 technology-based SMEs at the end of 1998 with 3.3 million of employees. China has established 53 high-tech development zones, over 30 university science parks and over 100 incubation centers for high- tech SMEs. To support the growth of high-tech SMEs, the Chinese government established an invention fund last year, when funding was allocated to back more than 1,000 projects undertaken by these SMEs. |
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