Business news for Mon, 24 Dec 2007 & with word official. 4 news.

THE China Development Bank and the Tianjin Binhai New Area signed an agreement to set up a venture capital fund to boost high-technology start-ups in the fastest-growing economic zone in north China. The Ministry of Science and Technology Website released yesterday the joint efforts to kick off the first government-backed venture capital worth two billion yuan (US$270 million) with equal contributions from the CDB and the TBNA. Pi Qiansheng, a vice-ministerial official who heads the TBNA administration, said the government funded and operated venture capital would primarily perform as a fund of funds, an investment fund that has a strategy of holding a portfolio of other investment funds rather than investing in tangible projects. Pi said that the fund of funds will choose outstanding domestic and overseas venture capital funds, including private equity funds, to invest. The selected venture capital funds will be asked to prioritize their investment portfolio in high-technology

Foreign investment pledges in Vietnam have surged by nearly 70 percent so far this year, thanks to the country's admission to the World Trade Organization, an official said Monday.

WASHINGTON -- After a slow and stumbling start, official Washington is scrambling to try to prevent the unfolding mortgage crisis from pushing the country into recession during an election year. There is a strong feeling, though, that the government will need to do more to avert a financial disaster.

THE number of Chinese broadband users has hit 122 million, the highest in the world, Xinhua news agency reported yesterday, citing an official from the information industry authority. Sixty percent of the netizens surfed on the Internet via broadband, said Jiang Yaoping, vice minister of the ministry of information industry, at a work conference of China Telecommunications Corporation on Saturday. Last year, more than 30 percent of China Telecom's income came from non-phone services, rising from 5.5 percent in 2002, the report said. One-third of the new broadband users are farmers, where the demand for the service is high, China Telecom officials said. The increased user number boosted the non-voice income of fixed-phone carriers, accelerating the transformation of traditional phone carriers into comprehensive information service providers, the report said.