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Funds Flow to High-tech Zone
A total of US$1.5 billion is to be invested starting from this month in the construction of three integrated circuit production lines in the Beijing Economic and Technological Development Zone, officials said.
The investment marks the launch of construction for the North China Micro-Electronic Industry Base, which is located in the zone.
According to Mayor Liu Qi, the municipal government is scheduled to have 20 large-scale integrated circuit production lines in the micro-electronic industry base within 10 years and, at the same time, set up a research and development centre of international standards.
Regulations have been formulated to encourage the development of the micro-electronic industry and preferential treatments will be given to investors, such as tax breaks, credit facilities and help with rent.
"Beijing has to take advantage of its technological and human resources and achieve recognition in the world's information industry," said Liu.
Beijing Xunchuang Integrated Circuit Co Ltd was set up on Saturday.
The company, with three local firms and two overseas investors as its shareholders, is to invest US$200 million this month in a 6-inch, 0.35-0.85-millimetre integrated circuit production line, with an expected annual sales revenue of 1.3 billion yuan (US$150 million).
Jia Qinglin, secretary of the municipal Party committee, and Liu attended the opening ceremony for the company and also one for the North China Micro-Electronic Industry Base.
An investment of US$1.34 billion will be coming in later this month from Beijing Huaxia Semi-Conductor Co Ltd to build two eight-inch, 0.25-millimetre integrated circuit production lines, Beijing Morning Post said.
The semi-conductor company hopes to have an annual sales revenue of 5 billion yuan (US$600 million).
"The Beijing municipal government welcomes investors from home and abroad to the North China Micro-Electronic Industry Base and we will do our best to provide a good environment and services," said Liu.
To better the environment for investment, the municipal government is to invest 100 million yuan (US$12 million) to build a 40-hectare green square near Zhongguancun, which is known as China's "Silicon Valley."
Construction is scheduled to start next spring and finish by the end of next year.
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