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China's Ministry of Science and Technology is encouraging the participation of foreign technology brokers in the development of the country's technology agency business. The ministry is promoting the establishment of technology brokerages in various forms, and aims to build up a professional agency system comparable to that of developed countries within twenty years.
Officials say the development of high-level technology brokerages with standardized operations and professional services is to be encouraged. In particular, the ministry hopes to attract more foreign agencies to help with the process.
Ma Songde, Vice Minister of Science and Technology, said, "We should develop brokerages with various ownership structures. In particular, we welcome foreign-owned brokerages to enter the Chinese market."
According to the Vice Minister, China now has more than sixty thousand technology brokerages in various forms, and 1.1 million people engaged in the business. These organizations have played a key role in the commercialization of technologies throughout the country.
The Shanghai Technology Stock Exchange, for example, has realized a total trading volume of more than 287 billion yuan, or about 34.6 billion US dollars - in less than 4 years.
(CCTV September 2, 2003)
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