Private enterprises in east China's affluent Zhejiang Province have decided to invest 1.2 billion yuan (about US$145 million) in a key national hi-tech research and development program known as Program 863.

This increases the province's total private investment in the program and related commercialization projects to more than two billion yuan (about US$240 million) as of 2005.

At the invitation of China's Ministry of Science and Technology (MOST), more than 30 experts in bio-medicine and new materials participated the China Zhejiang On-line Tech Week in the past week to negotiate the investment prospects of more than 700 projects of the Program 863 together with over 200 private investors, according to Luo Weihong, deputy director with the science and technology bureau of Zhejiang Province.

Altogether 16 agreements have been reached which involve a total investment of 1.2 billion yuan (US$145 million), Luo said.

China began launching the first high technology R&D plan, named 863, as it was initiated by well-known scientists in March 1986. The program represents the country's highest scientific and technological attainments, embracing projects related to the growth of the national economy and overall national strength.

Both the MOST and the Zhejiang local science and technology authorities hope private enterprises' involvement in the 863 Program may facilitate the application and commercialization of science and technology R&D achievements.

With a booming private sector, Zhejiang boasts over 700 billion yuan (US$84 billion) in private capital. The sector has strong demand for high technologies brought about by the Program 863, which it believes will help optimize its industrial structure, according to Luo.

(Xinhua News Angency November 23, 2005)