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China's private firms display strong innovation capability

15 Nov 2023

China's private firms have shown strong innovation capability in pursuing high-quality development, guest speakers told the China Economic Roundtable hosted by Xinhua News Agency.

Private firms have become the main force in efforts and initiatives that feature specialization, refinement, uniqueness and innovation, said Bai Jingwei, co-founder of Qitan Tech.

"Such enterprises must have very strong innovation capability," said Bai, adding that these enterprises need to have a greater ability to make breakthroughs in key technologies, and that they will play an important role in strengthening China's future self-reliance in the fields of science and technology.

Bai noted that these enterprises and "little giant" firms have contributed significantly to innovation and the development of emerging technologies in the country.

"Little giant" firms represent the novel elites of small and medium-sized enterprises that specialize in a niche market, boast cutting-edge technologies and show great potential.

China is moving to incubate more "little giant" firms to boost innovation and provide stronger support for the real economy, aiming to bring the number of "little giant" firms to over 10,000 by the end of 2023.

Noting that more and more private firms have emerged as innovative enterprises and enterprises that feature specialization, refinement, uniqueness and innovation, Wei Chu, vice dean of the School of Applied Economics, Renmin University of China, said that this is an inevitable path for high-quality development.

China's private sector contributes approximately 50 percent of the country's tax revenues, 60 percent of its GDP and 70 percent of its technological innovation, and accounts for 80 percent of its urban employment.

China Economic Roundtable is an all-media talk platform launched by Xinhua, with the second episode featuring the Chinese private economy.

Source : Xinhua

Author : Xinhua

Location : Beijing

Event : round table

Date : 15 Nov 2023