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VC vital to spur hi-tech
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Winton Dong
GAO SHANGQUAN, former deputy director general of the State Commission for Restructuring Economy and one of the top advisors to the Shenzhen Municipal Government, said recently in Shenzhen that the city should introduce more venture capital from home and abroad to bolster its high-tech industry.
“Among the 600 odd venture firms in the US, more than 300 are located in the Silicon Valley, thus making the place a rendezvous for world software research development,” Gao said.
When talking about the recruitment of financial experts to run venture capital, Gao said that there are about 100 Chinese now working in the World Bank and almost all of them are in relatively lower positions.
“It is difficult for them to be promoted to higher posts. They would rather shift their focus to Shenzhen or other Chinese cities if appropriate business incentives and some other start-up fund can be offered,” he said.
Gao further pointed out that despite the fact of the city's high-tech orientation, only a small part of its products are really self-developed with intellectual property rights.
Gao advised that to avoid committing similar mistakes, Shenzhen should draw some lessons from South Korea's experience.
“With electronics, auto, steel and chemical as its four pillar industries, the country gathered momentum and witnessed rapid growth in the 1980s,” Gao said. “However, since most of its technologies are just coinage of those of the US, the country cannot withstand the impact of Asian financial turmoil and recessed severely in the past years.”
Meanwhile, Gao suggested that more attention should be paid to the city's promising small and medium-sized enterprises, especially those civilian-run firms, so as to make them get out of the embarrassing situation of fund and personnel shortages.
“Managers and employees of those civilian-run firms should be the real investors, shareholders and beneficiaries. Only by so doing will their enthusiasm and creativity be fully aroused,” Gao said.
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