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One billion yuan is set aside as venture investment fund

It is learnt from some related departments that a venture investment fund of one billion yuan will be set up in Ningbo. It is hoped that its leverage effect may attract more social funds to be invested in the venture investment field, thus promoting the accumulation of venture capitals, projects, technologies and talents home and abroad.

According to the newly released regulation for the venture investment fund (trial), the not-for-profit fund is set up by the municipal government. By exerting its leverage effect and guiding function, the fund aims to support the establishment and development of the commercial venture investment enterprises and further improve the system of venture investment in Ningbo.

The fund stands at one billion yuan, and the startup capital is 250 million yuan. The source of the fund includes the following: the special financial fund to support the development of venture investment enterprises, all the profits from the operation of the fund, donations from individuals, enterprises and social organizations, and other funds from the municipal government.

It is learnt that this fund is used mainly to support the venture investment enterprises and newly established enterprises, as well as some other enterprises chosen by the municipal government, for example, those distinctive venture investment enterprises with outstanding investment performance at home and abroad, strong fund-raising capability, mature management regulations, ample network resources and good credit.

As for venture investment enterprises, the criteria are that they should have standard management and a paid-in capital of over 60 million yuan (with all the investors investing in the monetary form), that they should have at least three successful investment cases of investing in small or medium-sized high-tech enterprises, with a total investment value of over 30 million yuan, and that they possess at least three full-time senior managers with over five years' relevant working experience in venture investment or related fields.

As for the newly established enterprises, firstly they should be enrolled within the administrative regions of Ningbo and mainly engage in the research, development, production and services for high-tech products. Then they should be non-listed companies established in the last five years with a staff population of less than 300 people (over 30% of them are technicians with at least associated degree, and over 10% directly engaging in the researching and developing of new technologies). Finally, the annual sales volume should be lower than 30 million yuan or the net assets lower than 20 million yuan, and the funding used in the researching and developing of high technologies should take up over 5% of the sales volume.

For those qualified enterprises and projects, the fund will make investment in forms of stage share-holding and follow-up investment, etc. The principle is that it will hold shares without controlling the stock so as to guarantee the independence of decision-making and management and commercial operation of the venture investment enterprises and start-up enterprises

Songlanshan Beach Resort and China Fishing Festival listed as provincial brands of strength

Recently, the first report on competitiveness of travel brands was released in Zhejiang Province. In competing with hundreds of other travel institutes and festivals, Songlanshan Beach Resort and China Fishing Festival are listed in the brands of "most energetic scenic spots" and brands of "festivals with greatest potential" respectively. The report is jointly proposed by Zhejiang Tourism Association and Zhejiang Mainstream Media Alliance for travel in China.

As a national AAAA scenic spot located in the east of China, Songlanshan Beach Resort is a comprehensive beach resort integrating leisure, entertainment, holiday and conference. In the first nine months this year, it greeted about 1.3688 million tourists, up 14% over the same period last year. At present, there are some projects still under construction in the resort, such as Golden Palm Holiday Inn, Heart Sea Resort Hotel and Sunny Resort Hotel. The resort aims to build the biggest resort for conference tourism and leisure vacation hotel cluster in the Yangtze River Delta area.

China Fishing Festival has become the symbol for the tourism in Xiangshan County. In terms of the number of tourists, the annual Festival has actually becomes another tourist "golden week". During this year's Festival, Xiangshan County greeted 366 thousand tourists from inside and outside the county with a total tourist volume of 325 million yuan, up 61 % and 35% respectively over the same period last year.

It is said that the list is strictly made after authoritative research and careful assessment on those scenic sports, festivals and travel agencies, and at last 44 of them are chosen as the leading brands in the field of tourism in Zhejiang Province.

Twenty-two projects of services signed with Hong Kong

On the forum of modern urban construction and development, which is part of the Ningbo-HK Economic Cooperation Forum was held in Hong Kong on Oct. 25.
Twenty-two joint projects of urban services were signed between Ningbo and Hong Kong.
These 22 projects, to name but a few, included MGM Hotel’s “cool city” project invested in the New Eastern Urban Area (NEUA), Huarun New Energy Holdings’ new energy project invested in Ninghai county, Hong Kong Shenggao Land’s Xiejia residential and commercial complex project in Jiangbei District of Ningbo as well as Hong Kong Chengbo Company’s Chengbo landing and capital increment project in Jiangdong District of Ningbo.

Airport expressway officially opens to traffic

On the morning of October 31, five representative citizens (Ding Suling being one of them), representatives of the constructors of the project and Liu Qi, Vice Secretary of Ningbo Municipal Party Committee and Mayor of Ningbo, cut the ribbon at the opening ceremony of the airport expressway. When asked about this experience, Ding Suling felt both honored and warm. She said proudly, "The experience shows that even an ordinary citizen like me can take part in the major or minor issues in Ningbo."

The airport expressway is the first completed urban overhead expressway in Ningbo. As the secretary of the general party branch and director of the neighborhood committee of Xicheng Community, Ding Suling has participated quite a few times in the symposiums hosted by the constructing company of the project to submit the opinions and suggestions of the local people to the constructors and communicate their responses to the local people. With the smooth progress of the expressway, the life and travel of the people in the western part of the city become more convenient. "People are saying that it may help them to save more time on road with the opening of the expressway." Ding said.

Li Jinyong from Tianjin Urban Construction Group, who is the person in charge of the project of the overhead expressway said that it never occurred to him that he would be chosen as one of the representatives of the constructors to attend the ribbon-cutting ceremony. "I have been in this field for about sixteen years and after undertaking so many big or small projects, this is the first time for me to attend such a ceremony." According to him, this project is the biggest and hardest one he has ever had. Under great pressure, he has stayed in the construction site even during the Spring Festival holidays for several years. "But when I was cutting the ribbon, I felt that all these years’ efforts are worthwhile and I felt so honored and proud for my job."

After the opening ceremony, a team of vehicles loaded with representatives of citizens started from the Zhongshan overpass viaduct down to No. 34 Provincial Road to enable them to experience the convenience of the new expressway. "We can drive at a speed of 60 km per hour, and it only takes about ten minutes to get to No. 34 Provincial Road. There will be no need to worry about traffic jams when we are trying to catch the plane." a Mr. Gao said with excitement.

Ms. He, who lives in the western area but works in Dongqiao County of Yinzhou District, paid much attention to the routes. "If one is driving from the north to the south, he may turn into the viaduct from Qinglinwan Bridge and its on-ramp, West Zhongshan Road on-ramp, Qiyun Road on-ramp or Yinxian Avenue on-ramp, and come down the viaduct from Qinglinwan Bridge on-ramp, South Ring Road on-ramp, Yinxian Avenue on-ramp or No. 34 Provincial Road Overpass. If one is driving from the south to the north, he may turn into the viaduct from No. 34 Provincial Road Overpass, Yinxian Avenue on-ramp, South Ring Road on-ramp or Qinglinwan Bridge on-ramp, and he may come down from Yinxian Avenue on-ramp, Qiyun Road on-ramp, West Zhongshan Road on-ramp or Qinglinwan Bridge on-ramp." She told the reporter that she would put down the details of the turning in and out of the viaduct and then tell her friends about it. "There are still some sectors being under construction, and I hope to help them avoid the wrong way." she said.

Zhuo Xianglai, Vice Chairman of Ningbo People's Congress, Vice-mayor Su Limian, Vice-mayor Wang Renzhou, and Chang Minyi, Vice Chairman of Ningbo People's Political Consultative Conference attended the opening ceremony and cut ribbon for the opening of the airport expressway.

Hong Kong Enterprises in Ningbo total 5500

The press conference of 2011 Ningbo - Hong Kong forum on economic cooperation and on talents policy and planning was held on October 24th at Hong Kong Convention and Exhibition Centre. Vice mayor Wang Renzhou of  Ningbo gave presentations on the development of Ningbo’s economy and society, Ningbo’s objectives during the 12th Five Year Plan and the prospective of Ningbo - Hong Kong cooperation. Leaders from Overseas Ningbo Affairs Office made a presentation on the Ningbo - Hong Kong forum on economic cooperation. And leaders of Ningbo Ministry of Human Resources and Social Security presented the talents policy and program.
It is learned that since its initiation the Forum has so vastly promoted the economic development of Hong Kong and Ningbo that the bilateral trade amount reaches 2.36billion US dollars. Till the end of this September, there are more than 5500 Hong Kong Enterprises in Ningbo and Hong Kong fund utilized in Ningbo accumulates to 12.2 billion US dollars. And there are 211 Ningbo enterprises in Hong Kong with a total investment amount of 1.14billion US dollars. Seven enterprises have made their initial public offerings.
It is learned that the 2011 Ningbo - Hong Kong forum includes its opening ceremony and 10th anniversary, main forum and special forums, etc.
According to the leaders from the Ningbo Administration of Human Resources and Social Security, Ningbo has made the “3315” Plan, by which it is hoped that by 2020, Ningbo will have 30 people in the National Recruitment Program of Global Experts, 300 in the provincial-level Recruitment Program and 1000 in the municipal-level Recruitment Program. Ningbo government will offer a new innovation fund of 1million Yuan for those in the Municipal Recruitment Program and an extra fund for those in the National and Provincial Recruitment Program. Team members of these experts can get a maximum fund of 1million Yuan. At the same time, Ningbo government will set a special fund of 100 million Yuan to recruit globally about 5 high-end innovation teams.

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