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 | Thursday, April 20, 2000, updated at 14:06(GMT+8) | ||||||||||||
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Senior Official on Development of China's Venture Capital IndustryMarket players still need to be prudent as China's venture capital industry remains at the start- up stage, Cheng Siwei, vice-chairman of the Standing Committee of the National People's Congress, said on April 19.China Securities quoted Cheng as saying that China has already witnessed substantial development of the venture capital industry over the past few years, even though many problems remain to be resolved. Cheng said in an address to a venture capital seminar in Beijing on April 19 that China's plan to establish a NASDAQ-like stock market will give further incentive to the development of venture capital firms. The country not only needs to promulgate a venture capital law, but also needs to cultivate experienced venture capital investors, he noted. Cheng had previously called for a cooling-down period for the discussion of venture capital, saying that China first need to study the experiences of other countries carefully, and then balance this against the reality of Chinese society. He had held that for the present, China lacks the conditions essential for establishing another stock market because this will require greater information disclosures, market interaction, and regulations than now exist. Jiang Zhenghua, vice-chairman of NPC Standing Committee, also attended the seminar and was quoted as saying that China's bio- engineering industry has been developing rapidly, but needs financial support from venture capitalists as well. The seminar was jointly sponsored by the China Venture Capital Investment Co., Ltd., NASDAQ, and the Hong Kong Polytechnic University.
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