The growth enterprise stock market is not ready for a formal launch yet, Minister of Science and Technology Xu Guanhua said yesterday.

Xu said his ministry and other departments are still forming rules for the market while waiting for a right time to launch the long-awaited stock exchange, a planned venue largely for the listing of new and high-tech enterprises.

"The establishment of a second board needs complete and strict regulations that guarantee its healthy development," Xu said.

The minister stressed that a fundamental requirement is to set up a strict information disclosure system.

Xu also briefed the media on the establishment and development of new and high-tech zones during the past decade.

The State Council officially approved the establishment of 51 new and high-tech zones in 1991 and 1992, and it approved the construction of Yangling Agricultural New and High-tech Demonstration Zone in 1997, Xu said.

"At present, the number of national new and high-tech zones is 53 together with Beijing Zhongguancun High-tech Zone in the capital," the minister said.

After 10 years of construction and development, these zones are making great contributions to helping the nation attain its goals of China's socialist modernization, he said.

Those 53 national zones enjoyed a total technology-industry-trade income of 920.9 billion yuan (US$110.9 billion) in 2000, a gross industrial output value of 794.2 billion yuan (US$95.7 billion) and earnings of US$18.6 billion from export. All these figures are exponential increases from 1991, he said.

The State will do even more to develop this area during the 10th Five-Year Plan period (2001-05) by promoting changes in the economy and upgrading traditional industries, he said.

By the end of the period, these zones hope to realize a total income of 1.7 trillion yuan (US$200 billion) and foreign exchange earnings of US$30 billion from exports, he said.

(China Daily 05/18/2001)