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Research institutes in China

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  • reform in the public S&T institutions, financial policy, business innovation support structure, education&human resource policy and legislative actions (inc. IPR)

t

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  • 1982 "National Program for Key Science & Technology Projects"
  • 1986 National High Technology Research and Development Program (863 Program)
  • 1991 National Program for Key Basic Research Projects (namely the Climbing Program)[2]
  • 1986, the Spark Program [3]
  • The Torch Program 1988 [4]
  • National S&T Achievements Dissemination Program
  • S&T Program for Social Development
  • China's Agenda 21 [5]
  • National New Products Program
  • Program on the Construction of National Key Laboratories
  • Innovation Fund for small technology-based firms (STF) [6]

Articles to improve

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Articles to create

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Cleanup

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swen

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Securitization in China

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If you believe the assurances of recent weeks, some of the world's big commercial lenders are verging on a return to the ancient three-six-three rule of banking: gather deposits at 3 per cent, lend at 6 per cent, get on the golf course by 3pm. Nothing high-octane, nothing fancy.

Not in China. Here the banks are embracing techniques they have not used before – including much-maligned strains of securitisation. China Construction Bank, the second largest lender, is poised to raise about $300m in the country's first domestic sale of commercial mortgage-backed securities.

China has two good reasons for bucking the back-to-basics trend. First, developing asset-backed securities markets further would reduce the overwhelming dependence on bank loans and equity for funding growth. CCB introduced the ABS concept three years ago with a small residential mortgage-backed deal, but the market is still officially in beta-test mode, awaiting a proper legal, tax and accounting apparatus. China saw $2bn of new issuance in the first half this year, according to Moody's – a quarter of India's output, and an eighth of South Korea's.

Second, China actually has buyers for this stuff (though they are almost all other banks, rather than insurance companies or pension funds). In Europe total CMBS issuance fell 91 per cent to just €3bn in the first half. Elsewhere rising defaults and a growing number of loans on watch lists mean there is limited appetite for increasing exposure to property.

CCB's transaction should become the 16th and final deal done under the central bank's provisional ABS regime, established in 2005. Once completed, it will be tested along with the rest on effectiveness of risk transfer, enforceability, asset pool quality and the like, before the state council gives the green light to an all-new securitisation market. If it avoids the excesses that brought such pain to western banks, it could give China's capital markets a leg-up.

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PORTS

Chang An port area of Fuzhou Port (First phase) Total Investment: $150m, including $73.5m being sought through foreign investment (joint venture or cooperative arrangement). Project calls for construction of a 10,000 ton and two 15,000 ton wharves for general cargoes, and two 15,000 ton berths for containers. Recovery of investment expected in 12 years, including four years of construction.

ROADS

Riverside Highway Construction Project, Jilin Economic and Technical Development Area Cooperative venture with a foreign investor sought for the construction of combined 10km highway (30m wide) and river embankment. Total investment: $12m, ratio between domestic and foreign capital to be settled by negotiation. Estimated economic benefit - annual profits of $1.1m. 10 year payback period. Weiliu Highway Construction Project, Jilin Economic and Technical Development Area A concrete road 4.3km long and 60m wide. Foreign corporation sought on a cooperative basis. Total investment: $12.2m, with foreign component subject to negotiation. Estimated economic benefit - an annual deduction of $800,000 from retained tax, payback period 16 years. Contact: Gao Weidong 10 65611038

Chongqing-Guizhou Roads Development The project includes the construction of 174km of four-lane, access-controlled, toll expressway, including interchanges, bridges and tunnels, and service areas; upgrading of feeder roads; procurement of equipment for toll collection, traffic management and safety, communications, maintenance, and administration; land acquisition and resettlement; and training and consulting services for construction supervision, traffic safety engineering, and monitoring and evaluation. Total Investment: $370m. Contact: Guizhou Expressway Development Company, 7 Yanan West Road Giuyang, Guizhou Province 550003. Mr. Zhou Minzhong, Senior Engineer, ph. 0851-5954590, fax 0851-5954590, E-mail ZMZ@public1.GY.GZ.CN. Chongqing Expressway Construction Co. 40 Jiukengzi Road, Daping, Chongqing 400042. Mr. Xu Mou, General Manager, ph. 023-68812859, fax 023 68816906, E-mail CHGHCD@public.cta.cq.cn

Fenyang-Liulin Expressway 116km highway from Fenyang to Bapanshan of Liulin, Shanxi Province, total investment $263.8m, including desired foreign investment of $160m. Return on investment period estimated at 15 years. Contact: LISC 15 Xinjian Road, Taiyuan, Shanxi, 030002, ph. 0351-4063136, fax 0351-4063136. HTTP: //www.sxwjm.com.cn/¡¡Email lisc@ec.com.cn

Lanzhou-Baiyin Expressway Grade 1 highway of 90km, total investment: $277m. Contact: Department of Communications, Lanzhou, Gansu Province.

Jilin-Changchun Expressway Four-lane highway, 84km, total investment $277m. Contact: Department of Communications, Changchun, Jilin Province.

RAILWAYS

Hefei-Xi'an Railway The project comprises: (i) construction of a 954km single track, standard gauge railway between Hefei and Xian, 407 major bridges with a total length of about 88km; (ii) laying of railway track consisting of rails and accessories, concrete sleepers and stone ballast; (iii) construction of 52 new railway stations complete with facilities, (iv) electrification of the 407km Xian to Nanyang section including power supply arrangements; (v) provision of modern technology and equipment for signalling, telecommunications, yard operation, and mechanised maintenance of track; (vi) training in the use and maintenance of modern equipment; (vii) environmental protection and mitigation of adverse environmental effects; (viii) land acquisition and resettlement of affected persons; (ix) consulting services for design, construction supervision and quality control, procurement, environmental monitoring and monitoring of resettlement and social impact; and (x) institutional strengthening of marketing and business development capabilities. Total Investment: $300m. Contact: Ministry of Railways Foreign Capital and Tech. Import Centre, 10 Fuxing Road, Beijing 100844 Contact: Mr. Yang Haicheng, Director, ph 63248406, fax 63241845.

Tonglin-Jiujiang Railway The line runs from Tonglin Municipality in Anhui to Jiujiang in Jiangxi, total length 237km, 155km of which is within Anhui. Total investment: $307.23m. Construction period: four years. If a ton of freight is charged at Yn0.16 per km, FIRR is 17.8 per cent, payback period is 9.2 years including the construction period, and the economical internal rate of return is 25.5 per cent. Preliminary survey and design of the whole line and the evaluation work have been completed. Various forms of foreign investment are sought by Tonglin Municipal Planning Committee, Tonglin Municipality, Anhui

Changjiangbu-Jingmen Railway (Yincheng Section) Total Investment needed $35m. The 170km Changjiangbu-Jingmen line is the eastern section of Chuanhan Railway (Sichuan-Wuhan). It crosses five counties or cities, including Yingcheng. The Yingcheng Section extends 40km, including three stations as Yingcheng goods yard, passenger station and Longji station. Contacts: Lu Jichu and Zhang Zeshuang, Administrative Office of Utilising Foreign Investment of Yingcheng City, 2 Fuqian St., Yingcheng City, Hubei Province 432400. Ph. 712-3232998, fax 712-3223257, E-Mail: xgwzglbg@xg-mail.hb.cninfo.net or Xgwzgl@public.xg.hb.cn

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