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October 31, 2009

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Support For Innovative Start-up Firms To Be Boosted

CHINA will allocate more government resources and encourage more guiding funds to invest in innovative small and medium companies, a senior official from the Ministry of Science and Technology said yesterday.

"One of our main objectives in the future will be to support the country's strategic emerging industries and innovative start-up companies," said Deng Tianzuo, vice director of the bureau for financing and research at the ministry, at a forum held by the Investment and Financing Committee of the China Council for International Investment Promotion yesterday.

A guiding fund usually serves as an "anchor fund" which covers a part of the venture capital when it decides to invest in an innovative company, and governments sometimes guarantee the profitability of the investment to help boost the innovative industry in their countries.

Shanghai's guiding fund was set up in Pudong New Area in October 2006 with 100 million yuan (US$14.6 million) and targets bio-pharmaceutical, software, new energy and other high-tech industries. It is set to lure 20 billion yuan worth of VC to Pudong by the end of next year.

Wan Gang, minister of science and technology, has said innovation in industries, including new energy, biotechnology and new materials, has become a cutting edge in economic development.


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