Shenzhen to Become China's Most Important Venture Investment CenterShenzhen City in south China's Guangdong Province is determined to become one of the country's most important centers for venture investment within five years.Sources from the Shenzhen Venture Investment Business Federation said the city is now home to 122 professional venture investment organizations, of which, 20 are from overseas. According to the sources, the venture investment organizations control 10 billion yuan (about 1.2 billion US dollars) of capital, with 396 certified professionals as employees. Statistics show that venture investment organizations have invested 2.8 billion yuan (about 337 million U.S. dollars) in financing projects in Shenzhen, also one of China's five special economic zones. Shenzhen, which used to be a small town facing Hong Kong across a local river, has now developed into a boomtown through efforts over the past two decades. The city is the venue for the China Hi-Tech Fair held each October. Japan Third-Largest InvestorJapan has become the third-largest source of investment for this special economic zone, which neighbors Hong Kong.According to local sources, Japanese investors have started up 333 projects in Shenzhen, involving a total of 2.51 billion U.S. dollars-worth of investment. In the first four months of this year, Shenzhen approved another seven Japanese-financed projects, with contracts worth 35. 36 million U.S. dollars. Eighty-five percent of the Japanese-backed businesses here are engaged in industrial sectors, and many of them are technology- or knowledge-intensive ventures. Japanese-financed businesses in Shenzhen generally operate well, and the rate of economic returns with major Japanese-financed companies in the city averages over 90 percent, according to the sources. |
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