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Over $56 bln invested to help science, technology companies

Updated: Mar 11,2015 10:03 PM     Xinhua

BEIJING — Chinese venture capital investors have invested more than 350 billion yuan ($56.8 billion) to help science and technology companies, according to Wan Gang, minister of science and technology.

More than 1,600 business incubators are providing service for science and technology companies, said Wan, also a political adviser, at a press conference on the sidelines of the ongoing national legislative session on March 11.

In 2014, total technology transaction volume reached 857.7 billion yuan, 15 percent higher than the previous year.

“It is of great importance to let the market allocate resources and make market allocation play a decisive role in order to meet the need of high-tech business starters,” said Wan.

People should learn from original incubators, such as Garage Coffee in Beijing and Chaihuo Maker Space in south China’s Shenzhen, to set up more platforms offering start-ups workplaces, networks, rooms for social and shared resources, Wan said.

He also urged to lower the threshold for the incubators, with preferential financial policies provided for the incubators.

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