China’s private enterprises exhibit strong innovation capacity

China’s private enterprises have shown strong innovation capabilities in pursuing high-quality development, said guest speakers at the China Economic Roundtable organized by Xinhua News Agency.

Private companies have become the main force in efforts and initiatives that feature specialization, refinement, uniqueness and innovation, said Bai Jingwei, co-founder of Qitan Tech. “These companies must have a very strong innovation capacity,” Bai said, adding that the companies 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-sufficiency in the fields of science. and technology.

“Small giant” companies represent the new elites of small and medium-sized companies that specialize in a market segment, have cutting-edge technologies and show great potential, according to him.

Noting that more and more private institutions have emerged as innovative and exhibiting specialization, refinement, uniqueness and innovation, Wei Chu, vice dean of the School of Applied Economics at Renmin University of China, said this is an inevitable path for the development of high quality. China’s private sector contributes approximately 50% of the country’s tax revenues, 60% of its GDP and 70% of its technological innovation, and accounts for 80% of its urban employment.