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Guangdong to create better VC environment

(chinadaily.com.cn)
Updated: 2006-04-10 08:36

Guangdong Province will greatly promote self-innovation strategy and continue to suport and boost the development of venture capital (VC), vice governor Song Hai said at the 8th China VC Forum held in Shenzhen, a boomtown in the province, on April 7-8.

He said, being a province with developed high-tech industries, Guangdong achieved a 1 trillion yuan value for its high-tech products, accounting for about 25 percent of the province's total industrial production value and ranking top nationwide. Its high-tech exports reached 80 billion yuan, taking up 40 percent.

Song attributed to the high-tech boom to the VC development. According to him, Guangdong has now become one of the regions with the most fast-growing and active VC development, with more than 100 VC firms and related consulting organizations.

Now the province has more than 20 billion yuan of VC fund, which is mainly invested in electronic information, electrical-mechanical integration, new materials, biological medicine and other high-tech areas, having fostered a group of innovative enterprises such as Guangdong Fenghua Advanced Technology (Holding) Co Ltd, Song added.