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Wenzhou, a medium-sized city in east China‘s Zhejiang Province, became known for a prosperous private economy 20 years ago under Deng Xiaoping‘s policy of letting a few to get rich first. Today, it is sparing no effort to attract more investment and high-tech for further development.
As one of the 32 state-level development zones, the Wenzhou Economic and Technological Development Zone has drawn plans to turn out RMB22 billion yuan (US$2.65 billion) in total industrial output value by 2006, more than half of which should come from hi-tech industries.
According to a general development program for the zone, the foreign currency earnings from exports should reach US$500 million in 2006, and the service sector of the zone should generate RMB15 billion yuan (US$1.8 billion) in output value. The GDP will be about RMB8 billion yuan (US$960 million) then, and the aggregated total for the investment in the zone should reach RMB20 billion yuan (US$2.4 billion), of which 40 percent should be in foreign investment.
"We will depend on hi-tech industries as the engine for an overall economic growth of the zone", said Dai Guosen, chairman of the Administrative Committee of the Wenzhou Economic and Technological Development Zone. He said that they have built a center for talents back from abroad to start hi-tech companies. The center, as a matter of fact, is a branch of the Scientific and Technological Park of Zhejiang University and a research and development center of Qinghua University. Both universities are leading research universities in China.
According to the official, top priority will be given to high-tech projects for development and production of electronic information, biological medicine, new materials, devices of optical-mechanical-electronics integration. Meanwhile, the zone‘s venture capital operating system for hi-tech industry will be improved.
The Wenzhou Economic and Technological Development Zone was established in March 1992. It was then one of the smallest of its kind in China and had to kick off without any financial assistance from the government. Over the past decade, the zone has been depending on credits from local banks to fund land development projects in an effort to develop into a hot spot for foreign investment. This principle of self-reliance has worked. The Zone, with an area of more than 40 sq. km, has become home to three industrial parks including one on the coast of the East China Sea. The industrial output value of the zone totaled RMB5 billion yuan (US$603 million) in 2001, up from RMB90 million yuan in 1992. By the end of February 2002, an aggregated total of RMB10.1 billion yuan (US$1.22 billion) had invested in 818 projects in the zone, including US$450 million in 173 foreign-funded projects.
Located on the east suburbs of Wenzhou City, the development zone has expressways and highways connecting it to a sea port that can accommodate 10,000-DWT-class ships, to the airport of Wenzhou, and to the railways from the city to Jinhua, also a key city in Zhejiang Province.
Up to date, about RMB2 billion yuan (US$241million) has been spent to build the zone into a modern industrial development center with a waterworks able to supply 60,000 cubic meters a day, a 220,000-volt and two 35,000-volt substations and a telephone office for 15,000 program-controlled phones.
Lured by the newly introduced policy of reform and opening, many overseas Chinese originating from Wenzhou came back to their hometown to start business in the development zone during the early years of its development.
As one of the 32 state-level development zones, the Wenzhou Economic and Technological Development Zone has drawn plans to turn out RMB22 billion yuan (US$2.65 billion) in total industrial output value by 2006, more than half of which should come from hi-tech industries.
According to a general development program for the zone, the foreign currency earnings from exports should reach US$500 million in 2006, and the service sector of the zone should generate RMB15 billion yuan (US$1.8 billion) in output value. The GDP will be about RMB8 billion yuan (US$960 million) then, and the aggregated total for the investment in the zone should reach RMB20 billion yuan (US$2.4 billion), of which 40 percent should be in foreign investment.
"We will depend on hi-tech industries as the engine for an overall economic growth of the zone", said Dai Guosen, chairman of the Administrative Committee of the Wenzhou Economic and Technological Development Zone. He said that they have built a center for talents back from abroad to start hi-tech companies. The center, as a matter of fact, is a branch of the Scientific and Technological Park of Zhejiang University and a research and development center of Qinghua University. Both universities are leading research universities in China.
According to the official, top priority will be given to high-tech projects for development and production of electronic information, biological medicine, new materials, devices of optical-mechanical-electronics integration. Meanwhile, the zone‘s venture capital operating system for hi-tech industry will be improved.
The Wenzhou Economic and Technological Development Zone was established in March 1992. It was then one of the smallest of its kind in China and had to kick off without any financial assistance from the government. Over the past decade, the zone has been depending on credits from local banks to fund land development projects in an effort to develop into a hot spot for foreign investment. This principle of self-reliance has worked. The Zone, with an area of more than 40 sq. km, has become home to three industrial parks including one on the coast of the East China Sea. The industrial output value of the zone totaled RMB5 billion yuan (US$603 million) in 2001, up from RMB90 million yuan in 1992. By the end of February 2002, an aggregated total of RMB10.1 billion yuan (US$1.22 billion) had invested in 818 projects in the zone, including US$450 million in 173 foreign-funded projects.
Located on the east suburbs of Wenzhou City, the development zone has expressways and highways connecting it to a sea port that can accommodate 10,000-DWT-class ships, to the airport of Wenzhou, and to the railways from the city to Jinhua, also a key city in Zhejiang Province.
Up to date, about RMB2 billion yuan (US$241million) has been spent to build the zone into a modern industrial development center with a waterworks able to supply 60,000 cubic meters a day, a 220,000-volt and two 35,000-volt substations and a telephone office for 15,000 program-controlled phones.
Lured by the newly introduced policy of reform and opening, many overseas Chinese originating from Wenzhou came back to their hometown to start business in the development zone during the early years of its development.