“The Chinese government is encouraging independent production in China, with the aim of increasing and expanding Chinese industry,” Shenzhen Capital Group Co. chairman Jin Haitao, who also chairs China Israel Venture Capital (CIVC).
Addressing the "Globes" Israel Business Conference, Haitao sketched out a clear progression from China’s status as the world’s factory, using know-how from the rest of the world to manufacture at low cost, to its next declared target -- creating know-how independently, and selling it in the domestic market and all around the world.
Haitao said, “Private investment by Chinese companies in R&D now exceeds government investment. In the first nine months of the year, Chinese imports of technology grew 20.4%. In technological consultation and services, which is particularly important for China, growth in this period was nearly 30%.
”This is the spring of venture capital investment in China. Welcome, Israeli investors. Take advantage of the opportunities. Come and join us."
Haitao added, “We believe that Israel has wonderful technology, and China has a wonderful market. China insists on being independent, and Israeli technology is a great way of importing more technology to China.”
Shanghai Telecom Information Park network and development department manager Qin Huifeng presented the China Telecom’s IT park project. This project is a science and technology park in Shanghai that includes the headquarters and main functions of China Telecom, such as its development, telephone center, customer information center R&D centers, and data storage. Nearby in the park are the company’s partners, suppliers, manufacturers, and strategic customers. “This is a chance to take part in the brand name, create a network, and a win-win partnership model,” Huifeng said.
Published by Globes [online] - www.globes.co.il - on December 5, 2005