China Promotes Business, Academic Cooperation

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Last updated at: (Beijing Time) Friday, July 05, 2002

China Promotes Business, Academic Cooperation

A senior Chinese official said Thursday in Beijing that China will continue to promote the cooperation between companies and research institutions, as a key way to boost high-tech industry.

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A senior Chinese official said Thursday in Beijing that China will continue to promote the cooperation between companies and research institutions, as a key way to boost high-tech industry.

The government will appropriate funds or financial aid with discount interest for such cooperation, said Wang Chunzheng, vice-minister of the State Development Planning Commission.

China will increase investment in research and development. By 2005, total government expenditure on research and development will account for 1.5 percent of the GDP compared to the present 1 percent.

To make it easier to channel funds to high-tech industry, Chinawill adopt more flexible policies to attract domestic and foreign capital, Wang said.

Measures will also be taken to encourage universities and research institutions to join with enterprises so as to "combine the technological advantages of the former and the financial advantages of the latter", he added.

The function of intermediary agencies between research institutions and enterprises is another important sector that China will give priority to, said he.

To attract and keep more talented people from around the world,readjustments will be made in immigration control, residency regulations and taxation, Wang said.

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