Monday World Business News

Venture capital market in China grows by 70pc Press Trust of India . Beijing
China’s venture capital market has posted a strong growth of 70 per cent in the second quarter of 2008, with the IT sector accounting for 42.1 per cent of the total enterprises that attracted investment. During the April-June period, 159 enterprises secured venture capital, with a combined capital of $1.2 billion in 143 of the firms which have revealed the amount of investment, official Xinhua news agency reported. Expanding enterprises made up for 85 of the firms, or 53.5 per cent, involving $682 million in venture capital or 56.6 per cent of the total investment. Another 26 were matured enterprises, with $373 million, accounting for 16.4 per cent and 31.0 per cent, respectively, of the total. While IT sector accounted for 42.1 per cent of the total enterprises that obtained venture capital, or 45.9 per cent of the total investment, traditional sectors formed 22 per cent and 19.9 per cent respectively, of the total.