China's Silicon Valley to Receive 4.5 Bn Yuan of Funds in 3 YearsThe Beijing municipal government has decided to allocate 4.5 billion yuan (US$542 million) of special funds for the construction of Zhongguancun, known as China's Silicon Valley, in the coming three years.The "Silicon Valley" will receive 1.5 billion yuan in each of the three years for infrastructure construction and renovation of small and medium-sized businesses. Beijing will also improve its financial system to better accommodate for the industrialization of high-tech companies in Zhongguancun. Zhongguancun, one of China's demonstration zones for the high-tech industry, is home to nearly 5,000 private high-tech businesses and dozens of academies and research institutes. |
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