Soft environment key to China's hi-tech industries
Updated: 2010-11-18 11:27
By Hu Yang (chinadaily.com.cn)
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Fred (Zuliu) Hu,founder, chairman and CEO of Primavera Capital Group, speaks at the capital market forum of the China Hi-Tech Fair 2010 in Shenzhen, Nov 17. Hu is formerly Goldman Sachs's top Asian executive. [Photo / chinadaily.com.cn] |
Hu said the soft environment, which refers to the combination of policy, law and regulation and supervision systems, can expedite the development of the credit capital market and create freer enterprise growth, and both are essential for hi-tech firms.
Hu, chairman and CEO of Primavera Capital Group, made the remarks on Nov 17 at a forum on capital market and high-tech industries. The forum was part of the China Hi-Tech Fair 2010 held in Shenzhen this week.
Speaking of the imminent economic transformation and industries upgrades facing China, Hu said it is inevitable as the country is losing its advantages as a labor-intensive manufacturing center and the energy-consuming economic pattern can hardly sustain another 30 years of high-speed development.
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Fred (Zuliu) Hu,founder, chairman and CEO of Primavera Capital Group, attends the capital market forum of the China Hi-Tech Fair 2010 in Shenzhen, Nov 17. [Photo / chinadaily.com.cn] |
High-yield bond market and mezzanine finance are also fields that need to be exploited, Hu added.
All these fields need "regulation framework, change of mind and policy adjustment," Hu said, and that is why an improved soft environment can "help China's innovations and capital market's development."
"Hi-tech industries do not need government's painstaking assistance, the task of government
is to avoid barriers and obstacles," Hu said.
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