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Investment in strategic firms climbs 67%
By Zhu Shenshen |
September 14, 2010, Tuesday
|
Print Edition
Print Edition
INVESTMENT in seven national strategic industries, including information technology, biology and new-energy car, jumped 67 percent annually in the first half of the year in China, a Beijing-based investment consulting firm said yesterday.
Between January and June, the strategic industries attracted 202 investments worth a total of US$1.46 billion, which accounted for 65.8 percent of investment volume for the whole of 2009, according to Zero2IPO Ltd.
"The shortage of capital was always a bottleneck for the industries," said a Zero2IPO analyst Lin Wanting. "Now investors have gained confidence from the national policy to support the seven industries and their great potential."
Last week the State Council, China's Cabinet, considered the seven industries as nationally strategic - energy efficiency and environment protection, IT, biology, new energy, advanced equipment manufacturing, new material and new-energy car.
China has said it would support these industries through favorable tax and financial policies, special funds and credit line, which encourages investors to pour money into them, Lin added.
The booming online market has drawn venture capital and private equity firms which increased their investments in the sector. In August, investors poured US$50 million in Shanghai-based Tudou.com, one of the largest video sharing website operators in China.
In Shanghai, financial firms are encouraged by the government to inject funds in the strategic industries and it is targeting 100 billion yuan (US$14.7 billion) including a credit line, according to Ma Jing, chief engineer of the Shanghai Municipal Commission of Economy and Information Technology Development.
Between January and June, the strategic industries attracted 202 investments worth a total of US$1.46 billion, which accounted for 65.8 percent of investment volume for the whole of 2009, according to Zero2IPO Ltd.
"The shortage of capital was always a bottleneck for the industries," said a Zero2IPO analyst Lin Wanting. "Now investors have gained confidence from the national policy to support the seven industries and their great potential."
Last week the State Council, China's Cabinet, considered the seven industries as nationally strategic - energy efficiency and environment protection, IT, biology, new energy, advanced equipment manufacturing, new material and new-energy car.
China has said it would support these industries through favorable tax and financial policies, special funds and credit line, which encourages investors to pour money into them, Lin added.
The booming online market has drawn venture capital and private equity firms which increased their investments in the sector. In August, investors poured US$50 million in Shanghai-based Tudou.com, one of the largest video sharing website operators in China.
In Shanghai, financial firms are encouraged by the government to inject funds in the strategic industries and it is targeting 100 billion yuan (US$14.7 billion) including a credit line, according to Ma Jing, chief engineer of the Shanghai Municipal Commission of Economy and Information Technology Development.
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