SIP Technological Development Fund Rose Beyond 100 Million RMB
82 enterprises in SIP received lately a total financial assistance of 70 million yuan RMB for technological development in the coming new year. It is the second occasion this year that SIP government allocated assistance fund for scientific and technological development, and the total amount has reached over 100 million RMB for the year 2006. An annual increase rate of 30% has been maintained in the fund allocation in recent years, and it is disclosed that SIP will put in as much as 200 million for the same purpose next year.
Financial input in technological innovation has been taken as a strategic investment in SIP in recent years, and a multi-polar and multi-channeled input system has been formed with government fund as the leading factor, supplemented by SIP science and technology funds, venture capital, and guarantee funds.
SIP technological assistance fund is chiefly allocated to backup the technological projects approved by higher levels of governments, to foster promising technological enterprises, and to implement relevant policies. Weige Digital Optical Co., Ltd., for instance, has received a total of 18.35 million RMB from SME venture capital of Ministry of Science and Technology, the provincial authorities for industrialization of research, the municipal bureau for technical innovation, and SIP backup assistance fund.
The financial assistance is also oriented towards supporting the national-level R&D institutions. The CAS Suzhou Nanotech & and Nanobionics Institute was rewarded with 10 million during the past year.
The establishment of China-Singapore SIP Venture Investment Co., Ltd. and SIP SME Venture Guarantee Co., Ltd. has consolidated financing channels for industrial growth in SIP. The former alone approved 17 investment projects in 2006 with 1.54 billion RMB investment.
Dec. 29, 2006