Private enterprises in east China's affluent Zhejiang Province have decided to invest 1.2 billion yuan (US$148 million) in a key national hi-tech research and development program known as Program 863.

This increases the province's total private investment in the program and related commercialization projects to more than two billion yuan (US$247 million) as of 2005.

At the invitation of the Ministry of Science and Technology, more than 30 experts in bio-medicine and new materials participated the China Zhejiang On-line Tech Week in Hangzhou in the past week to negotiate investment prospects for more than 700 projects with over 200 private investors, according to Luo Weihong, deputy director of the provincial science and technology bureau.

Altogether 16 agreements have been reached, said Luo.

China launched the first high technology R&D plan in March 1986, and it was named Program 863 after that year and month. The program embraces projects related to the growth of the national economy and overall national strengths.

Both the ministry and Zhejiang local science and technology authorities hope private enterprises' involvement in the program may facilitate the application and commercialization of science and technology R&D achievements.

With a booming private sector, Zhejiang boasts over 700 billion yuan (US$87 billion) in private capital. The sector has strong demand for high technologies brought about by Program 863, which it believes will help optimize its industrial structure, according to Luo.

(Xinhua News Agency November 23, 2005)