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Shenzhen Becomes Hi-Tech Industrialized Base in South China
After 10 years of efforts, Shenzhen has become an important hi-tech industrialized base in south China.
A multi-channel scientific investment system with the government as the lead, the enterprise as the mainstay and banks as the backing has been established in Shenzhen. In 1999, Shenzhen put in 420 million yuan for three sci-tech projects, an increase of 126.7 percent over 1998. It has also set up service companies and risk investment funds to support the development of hi-technology by providing loans guarantees and discounts.
Presently, Shenzhen has over 700 research and development institutes, among which 93 percent are set up in enterprises. Ninety percent of the researchers are in enterprises and 82 percent of the R&D funds come from enterprises. Besides, Shenzhen established the China Science and Technology Development Institute jointly with the Ministry of Science and Technology and opened Sci-Tech Industrial Park together with the Chinese Academy of Sciences. More than 20 famous universities across China joined Shenzhen in creating a virtual university campus for scientific R&D and conversion of research achievement into productivity.
Compared with the early 1990s, the production value of sci-tech products of Shenzhen is increasing at an average annual rate of over 50 percent. Hi-technology has become the first growth point of Shenzhen's economy. In 1999, the gross production value of hi-tech products of the city hit 81.979 billion yuan, accounting for 40.5 percent of the total industrial output value. The export volume of hi-tech products is US$ 5.133 billion, up about 16 percent over 1998. The first China International Hi-Tech Trade Fair concluded successfully in 1999 with the total trade volume exceeding US$ 6.4 billion. The production value of hi-tech industries of Shenzhen in the first half of this year surged to more than 42.3 billion yuan, up 24 percent over the same period last year.
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