| Throughout the process of the Opening-up and Reformation, one economic mode has always been taking the lead, i.e. "Development Zones". For over twenty years, the setting-up and construction of various development zones has made shining achievements and contributed much to the absorption of foreign investment, promotion of hi-tech industries and development of opening economy. They also help concentrate home and international capitals, conglomerate hi-tech enterprises, and become the driving force of economic development in the local areas. Their fast development has greatly promoted China's industrialization and urbanization. After entering WTO, China, as a developing country, has been faced up with challenges and chances, among which foreign investment is a vital aspect in its quick economic development. The Report 'To Improve China's Investment Environment" from IBF is based on wide survey studies. In the Report, "Investment Environment" including four aspects: macro policy environment, social system environment, micro environment of enterprises and the quality of infrastructures. As a "Window area" to absorb foreign investment, investment environment of development zones has been the focus of competition. One of the reasons of the success of Waxy National Hi-tech Development Zone is attributed to the superior quality of infrastructures, as part of its investment environment.With the new round of shift of international capitals and industries to China, development zones are in the critical period of "Second Flight". The task is great because it needs huge investment on infrastructures, and the conflict with the "Bottleneck Effect" of development, construction and capital raising is becoming ever sharper. This thesis chooses hi-tech development zone as its object, focuses on the above-said "Critical Period". It starts with a retrospect of development and construction in the hi-tech development zones, analyses the currents situation in their development and capital raising, gives suggestions on how to actively push forward investment and capital system reformation, its theory, principles, targets ands specific measures. Also, based on empirical studies about the capital requirement and sources in the next ten years, it is meant to search for the cycle features in these hi-tech development zones, their development, construction and investment. With a special focus on various influencing factors, it initiates corresponding advices to realize a balance betweendevelopment, construction and capital investment for Waxy National Hi-tech Development Zone in the future ten years. Thus, it can provide some practical guidance for these development zones to capture chances, create new channels of capital raising, increase production level, get marginal profit and development profit, and reach an overall balance in capital use, and avoid development risks, as well as sustainable development. The thesis consists five parts: 1) the general situation in hi-tech development zones; 2) current situation of Waxy National Hi-tech Development Zone; 3) Measures to promote capital raising system reformations to quicken the pace of development and construction in these zones; 4) a predication of capital needs and sources of Waxy National Hitch Development Zone 5) its development, construction, production cycle and the sustainable development in this local area.This thesis is meant to combine the development of these hi-tech zones and their construction and combine capital theory with its practices in these zones into one, focuses on the conflicts these development zones faces and corresponding measures into its analysis. The figures are valid and convincing, and the suggested measures are targeted toward the real situation of Waxy National Hi-tech Development Zone, therefore, it has high relevance, guidance and practicality. |
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