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Langchao Group Eyes Software Industry
Langchao Group, a key hardware producer in China, is to join the development of China's software industry with an additional software company setting up this year.
The company, named Langchao Qilu Software Industry Co. Ltd, has a registered capital of 100 million yuan (12.05 million U.S. dollars) and is expected to earn a sales volume of 700 to 800 million yuan (84.34 to 96.39 million U.S. dollars) in 2000.
Sun Pishu, Chairman of the software company, noted that the research and production of software has become vitally important to China's economic development.
He said that the short-term aim of the company is to become a key software and service provider for domestic enterprises. An emphasis will be put on the development of software for telecommunications, banking industry and government management.
China witnessed rapid development in software industry in the past few years and provisions to accelerate the industry have been issued by the State Council at the beginning of this year. The production volume of the industry registered 14.6 billion yuan (1.76 billion U.S. dollars) in 1999.
Langchao group, based in Jinan of Shandong Province, is the largest server producer in the country. It reported a sales volume of almost four billion yuan last year, ranking it 22nd among the country's electronics companies.
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