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

And the contracted investment for the Beijing Economic-Technological Development Area (BDA), the capital's first ever economic development zone, had totaled 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 high-tech week, 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 Beijing Oriental Technology Park, which will be engaged in the micro-electronics sector.

And the contract for the first phase of the 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 cooperation intentions," Li said.

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

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

Each area should definite its own developing focus to avoid another round of duplicated construction in China, they said.

(China Daily 05/14/2001)