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China to introduce Growth Enterprise Board
China will introduce the growth enterprise board, or the second board, on the stock exchanges at an appropriate time in support of high-tech enterprises, according to Minister of Science and Technology Xu Guanhua.
The introduction will follow the improvement of relevant rules, said Xu, also a member of the National Committee of the Chinese People's Political Consultative Conference, China's top advisory body.
The principle and measures on the second board have been formulated, he said, adding: "I think the stock exchange is essential to the development of high-tech enterprises."
He denied that report that high-tech enterprises must obtain certificates from the Ministry of Science and Technology, and the Chinese Academy of Sciences before being listed on the stock exchange.
To accelerate the industrialization of high technology, he said, the Chinese Government has formulated scores of documents over the past two years related to the policies on finance, personnel, taxation and rewards.
Xu said, "We are implementing these policies, including the introduction of an investment and fund-raising system for the industrialization of high technology."
Venture capital investment companies have been set up in many places in support of high-tech enterprises, he said.
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