Zhongguancun Science and Technology Park, Beijing's largest high-tech development area, signed 40 agreements involving 6.78 billion yuan (US$816 million) in investment with domestic and foreign partners by yesterday.

Contracted investment for the Beijing Economic-Technological Development Area (BDA), the capital's first ever economic development zone, had totalled US$1.2 billion by Friday.

According to the administrative committees of the two zones, most of the projects concern micro-electronics, information, bio-pharmaceutics and gene technology.

"We are focusing on projects which can help our area optimize its industrial structure," said Li Fengling, director with the administrative committee of BDA.

As BDA is a part of the Northern Micro-electronics Industry Base, China's largest such base, the area is sparing no efforts to attract related investment and enterprises.

During the first week of the event, BDA signed 10 agreements involving the electronics industry.

The agreement for the Beijing Oriental Technology Park is the largest to date. Between US$1.5 billion and US$2 billion will be spent on building the park, which will be engaged in the micro-electronics sector.

The contract for the first phase of the park project, signed on Friday, is valued at US$12 million. The project is sponsored by a Sino-Japanese joint venture - the Beijing Oriental Optical-Electrical Group.

"To improve the economic structure and enhance development in the BDA, we will have to refuse some other cooperation intentions," Li said.

So far, 85 percent of investors are foreign enterprises concerned with developing core industries in the BDA.

Zhongguancun concentrates on promoting its high-tech achievements to investors at home and abroad and to realizing high-tech applications and industrialization.

"It is all down to our advantages in technology and talent," said Zhang Guilin, vice-director with the administrative committee of Zhongguancun.

During the event, the park will present 301 scientific and technological achievements to enterprises, investment companies, venture capital institutions and business cooperation groups.

Experts said that, faced with the growth of high-tech development areas around China, both business people and officials should keep their feet on the ground and remain calm.

(China Daily 05/14/2001)