China supports establishing venture investment funds

BEIJING, Jan. 29 (Xinhua) - China will support competent departments and local governments to establish venture investment funds to guide various social capital and commercial and financial institutions to invest in industrialization of independent innovative achievements by way of discount and share participation, to help form a multi-layer and multi-form high-tech industrialization investment and financing system in China.

This is what is required in the "11 Five-Year Plan for Industrialization of High Technologies" printed and issued by the National Development and Reform Commission (NDRC).

The plan points out that in the "11 Five-Year Program" period ( 2005-2010), A number of rising industrial clusters of digital audio and video, the next-generation Internet, the new-generation mobile communication, bio-medicine, biomass engineering, bio-medicine project, feeder line aircraft, satellite application, new materials and new energy will take shape; a number of industrialization platform and a number of backbone enterprises will be fostered; several high-tech industrialization bases will be established; a number of technical bottlenecks in the fields of key technologies of traditional industries will be broken; technical upgrading will be promoted in the fields of steel, nonferrous, coal, power, chemical, building materials, and construction sectors; and the pace of technology transfer will be accelerated.

Development of high-tech industrialization will focus on information industry, biological industry, aviation and aerospace industry, new materials, new energy, modern agriculture, advanced manufacturing, cyclic economy and marine industry.

The plan urges China to increase financial support to industrialization of key innovative achievements of strategic importance and public welfare.