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Bank Offers Support to High-tech Park in Shanghai
The Shenzhen Development Bank's Shanghai branch has agreed to offer a credit line of 600 million yuan (72 million US dollars) to the local Zhangjiang High-Tech Park Development Co., Ltd.
Under an agreement signed Tuesday, the credit will be used to promote the development of bio-medicine and information technology industries in the high-tech park, in Shanghai's Pudong New District, bank officials said Wednesday.
Established in 1992, the 25-square kilometer high-tech park has attracted more than 240 projects with a total investment of 4.4 billion U.S. dollars, along with a dozen research institutes.
The municipal government has a plan to develop the high-tech park into a world-level science park with Shanghai or even Chinese characteristics by the year 2005.
The financial assistance provided by banks will help realize this goal and promote technological innovation and industrialization of high technologies in Shanghai and the whole country as well, officials said.
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