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China Encourages Innovation Funds
Deputy director of the Innovation Fund Management Center under the Ministry of Science and Technology Zhao Yuhai encouraged private hi-tech companies to apply for innovation funds to solve the problem of deadly needed capital.
He revealed that the center would postpone the date of handling from the usual Mar 1 to April 1 since there accumulated too many application projects.
Small and medium sized hi-tech companies saw a prospect growth in recent years in China, said Zhao.
But the capital shortage is an important factor that hinders the development of these companies.
In order to solve the problem, the State Council has set to launch an innovation fund for small and medium sized companies, which is characterized with policy orientation and non profit, he said.
According to Zhao, the fund supports companies with high technology content and great market prospects, which are at the beginning of its industrialization.
The launch of the innovation fund bolsters the industrialization expansion of small and medium sized companies as well as the involvement of commercial capital.
It is reported that by January 2000, the center has arranged a total of 816 million yuan for the approved projects since the fund was started in June 25, 1999.
From January to the end of 2000, number of applied project reached 4974, of which 872 were approved. A total of 660 million yuan were given out.
Source: Panorama
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