BEIJING, May 27 (Xinhua) -- The development and reform commission and municipal finance bureau of East China's Hangzhou city have specified to raise its entrepreneurial investment guidance funds to 3 billion yuan from previous scale of 1 billion yuan to further encourage innovation and entrepreneurship.
In the published management methods on Hangzhou entrepreneurial investment guidance funds, it is stated that the guidance funds mainly invest in enterprises that have less than 500 employees with annual sales being below 50 million yuan for Hangzhou to gather high-quality innovative capital, projects, technology as well as talents.
For national level high-tech firms, annual sales figure is set below 100 million yuan.
Since establishment in 2008, the guidance funds were effectively leveraged to guide social capital to invest in key industries. Financial funds have been enlarged by 7 times and 29 companies that participating institutions invested in have gone public successfully (or being acquired by listing companies). (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
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