China's largest high-tech gathering, the third session of the China High-Tech Fair (CHTF), yielded a 22 percent increase in value of contracts and agreements, according to its organizers.

A total of 1,349 contracts and agreements, worth of US$10.4 billion, were inked during the six-day fair, which closed in Shenzhen Wednesday. Of this, high-tech deals take the lion's to reach US$9.1 billion.

Yao said China will spare no effort in developing its high-tech industry to boost its competitiveness, which will become a major priority in the context of globalization and China's imminent entry into the World Trade Organization.

As a major platform to showcase China's high-tech achievements and gather talents and investors, CHTF is set to play a larger role in the growth of the country's high-tech industry, Yao said.

The fair is organized by the ministries of foreign trade, science and technology and information industry, SDPC, the Chinese Academy of Sciences and the Shenzhen municipal government.

Amid the global economic downturn, China is expected to post the highest economic growth this year among major economies.

The strong economic prospect for the coming years has made the country the brightest spot for international investment.

This year's fair attracted 1,661 investors from 37 countries and regions, which was a 27 percent increase.

A total of 41 multinational companies, including CISCO, Intel, Siemens and Canon, took part in the fair, taking up 40 percent of the exhibition area.

The fair also provided an arena for the exchange of up-to-date information in the high-tech field, featuring high-tech forums and seminars chaired by world-leading company executives, scholars and government officials.

(China Daily 10/17/2001)