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More VC Pours into Hi-tech Industries
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More foreign venture capital will pour into China's promising high and new technology industries in the coming five to ten years, said SoftBank Corporation.

Dr. Alan Song, vice president of SoftBank China Venture Capital, said that foreign capital will enter new emerging information technology industries covering 3G products and services, digital TV, IP TV, and broadband value-added services.

Mr. Song, while attending the China Informatization Forum held in east scenic city of Hangzhou on Sunday, said that in the next five to ten years, China's economy will continue to grow at an annual rate of 7 to 12 percent, making it a hot investment destination for foreign venture capital.

He said that factors including more open government policies, experienced entrepreneurs and growing purchasing power also contribute to the more overseas venture capital pouring into China's market.

"Venture capital will also tap vast business opportunities in industries covering software manufacturing, medical device, energy, new materials and auto electronics," Song said.

SoftBank, founded in Japan in 1981, has invested in new emerging companies such as Yahoo, Alibaba, UT Starcom, and Focus Media.

(Xinhua News Agency October 16, 2006)

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