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Guangzhou to Set up Venture Capital Fund for Enterprises by
Guangzhou, capital of south China's Guangdong Province, was planning to set up a venture capital fund exclusively for enterprises started by Chinese students who returned from studying abroad, a top official of the city said Thursday.
A total of 140,000 people who had studied abroad have returned to the country and many of them have started their own businesses.
To encourage more people who have recently returned to the Chinese mainland to start businesses in the city, Guangzhou has adopted a series of preferential policies, including 100,000 yuan (12,000 US dollars) subsidy for those enterprise involved in new and high-tech industries.
But financing is still a big problem for new enterprises and 79 new enterprises in Guangzhou were unable to get venture capital last year.
The fund is set up to help these enterprises solve difficulties in financing, said the city's vice mayor, Lin Yuanhe.
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