The third Zhongguancun Business Promotion and Technology Fair opened yesterday in Beijing. The two-day fair will exhibit more than 200 high-tech projects concerning information technology, new materials, biopharmaceuticals and environmental protection, subjects explored by universities, scientific research institutions and high-tech enterprises in Beijing's Zhongguancun area.

The Zhongguancun Science and Technology Park is one of China's pioneering science and technology parks, and is sparing no effort to accelerate the combination of technology and capital to obtain sustainable and healthy development. The total amount of funding currently needed is 1.4 billion yuan (US$168 million.)

Lu Hao, director with the administrative committee of the Zhongguancun Science and Technology Park, told China Daily yesterday: "Depending on its rich intellectual resources, involving technology, talent and experience in scientific research and development, Zhongguancun has taken the lead among high-tech parks around the nation," Lu said.

According to official statistics, the technology revenue of China's 53 high-tech zones totaled 40.1 billion yuan (US$4.83 billion) last year, while, nearly half of the total or 19.99 billion yuan (US$2.41 billion) was contributed by Zhongguancun.

"So far, the most urgent task for us is to promote the technology application, which needs a large sum of venture investment from home and abroad and will in turn offer capital support for another round of technological renovation," Lu said.

Zhongguancun plans to attract more domestic and overseas investors.

Myron J. Goins, chairman of US-based Tekharbor Fund Management Co Ltd, said Zhongguancun's technological achievements were lucrative to venture capitalists.

(China Daily January 11, 2002)