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Venture capital is increasingly showing its influence on the science and technology sectors and in accelerating the province's overall economic development, said Wang Min, vice-governor of East China's Jiangsu Province.
"We should further tap the potential of venture capital to make it the propeller of high-tech industry," Wang said.
In the past few years, the provincial government has attached great importance to attracting investment and emphasizing science and technology investment opportunities.
The province has so far set up different types of venture capital areas worth of 1.5 billion yuan (US$180 million).
Yet a lack of capital has meant only a small part of the scientific research results have been turned into marketable products even though more than 100 universities and research institutions in the province turn out thousands of research achievements every year.
"This is a big waste of the scientists' efforts and energy," Wang said.
To show its determination to usher in more funds, the province has named this year as Venture Capital Year of Jiangsu.
The special year includes seminars to popularize the knowledge of venture capital and to exchange information on how to use it. Exhibitions and trade fairs will be held to demonstrate the achievements made with the use of venture capital.
"Compared with the progress of venture capital in Beijing and Shanghai, we need to make more efforts in this area," said Li Zhonghe, chairman of Jiangsu Venture Capital Association.
(China Daily 05/15/2001)
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