China Sets Up Venture Capital Association

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Last updated at: (Beijing Time) Wednesday, June 19, 2002

China Sets Up Venture Capital Association

A venture capital association, made up of 50 Chinese and foreign foundations and investment companies, was established Tuesday in Beijing.

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A venture capital association, made up of 50 Chinese and foreign foundations and investment companies, was established Tuesday in Beijing.

The China Venture Capital Association (CVCA) will manage about 40 billion U.S. dollars in funds, 25 billion of which is invested in China and other Asian countries, said Chang Sun, the CVCA president and managing director of the U.S.-based investment company Warburg Pincus.

Venture capital was still in its infancy in China and agencies in the industry needed to promote exchanges and cooperation among investors, companies and managers as well as protect their interests, he said here Tuesday.

The CVCA intended to help small and high-tech companies in China with finance in the international market and promote cooperation, he added.

China has more than 300 foundations and agencies that fund small and high-tech firms with over 30 billion yuan. In 11 Chinese cities and provinces, industrial associations for venture capital have been founded, but most of them are regional organizations.

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