China nurtures unicorn enterprises via sci
Release time：2024-05-07 13:58:50 Source：Culture Compass news portal
-
BEIJING, May 2 (Xinhua) -- With the steady improvement of China's overall strength in sci-tech innovation, a multitude of unicorn enterprises have been fostered in the country in recent years, providing continuous momentum for nurturing new quality productive forces. China boasts 369 unicorn companies, or startups valued at more than 1 billion U.S. dollars, according to a report on China's unicorn enterprise development, which was released at the just-concluded 2024 Zhongguancun Forum (ZGC Forum) in Beijing. The number of unicorn companies in China amounts to over a quarter of the total number of such companies globally. The country has added 67 new unicorn companies over the past year, the report said. "It shows the vitality of China's economic development," said Li Daokui, an economist at Tsinghua University, at the ZGC Forum. "But the number of unicorn firms in the country is far from reaching its potential." "The three core competencies most critical to the development of Chinese unicorn enterprises are innovation, high-quality delivery, and the ability to make continuous innovation," said Lai Lipeng, co-founder of XtalPi, a Chinese unicorn company powered by artificial intelligence (AI) and robotics. Carbios is a French unicorn company that specializes in the development and industrialization of biological technologies to reinvent the life cycle of plastics and textiles. At the forum, Emmanuel Ladent, the company's CEO, expressed his expectation of entering the Chinese market. "Innovation and disruptive innovation like Carbios's are always welcome in a market like China. China is pushing a lot for clean and green technologies and biotech. It has a huge industry in plastics and textiles, so there is a huge opportunity for us to develop a partnership in China and make sure we will be successful," the CEO said. In terms of localities, the 369 unicorn companies in China span 47 cities nationwide, and more than 60 percent of them are concentrated in Beijing, Shanghai, Shenzhen, Guangzhou, and Hangzhou. Beijing ranks first nationwide with 114 unicorn companies, the report noted. Beijing has cultivated more than 40 listed unicorn enterprises, such as Xiaomi, JD.com, and Meituan, with a total market value of about 3 trillion yuan (about 422 billion U.S. dollars), according to Zhang Yulei, deputy director of the Beijing Municipal Science and Technology Commission. In the fields of autonomous driving, new energy storage, and robotics, companies such as Mech-Mind, a Chinese unicorn firm focusing on industrial 3D cameras and AI-powered software for intelligent robotics, have actively carried out R&D layout and business expansion around the world, Zhang said. "I'm especially grateful for the fertile land of Beijing. If not for Beijing, Xiaomi could not have achieved such results and could not have been born," Lei Jun, founder and CEO of Xiaomi, said at the opening ceremony of the forum. Beijing is actively building a long-term ecosystem to support the growth of unicorn companies. Last year, it maximized the release of policy dividends for unicorn enterprises in terms of innovation support, talent settlement, financial support, and market cultivation. Meanwhile, the capital city set up four new government direct investment funds with a total scale of 50 billion yuan in the industries of AI, medicine and health, robotics, and information, investing more in innovative enterprises, especially unicorn firms. "Now, in terms of policies, obviously, China is pushing for more regulations, more circular economy, more integration of recycled plastics and recycled textures. So I think we are in a very favorable environment for the European unions," Ladent said. Currently, China's 369 unicorn companies span 16 sectors, with the fields of AI and integrated circuits taking the lead. Wu Shichun, founding partner of Plum Ventures, thinks that in the next three to five years, AI, new energy, and new materials are expected to be the fields where the most unicorn firms will emerge. Norose, executive deputy general manager of Daiwa Securities (China) Co., Ltd., said that the areas where most Japanese companies want to invest and cooperate include environmental protection technology and new materials, high-performance materials, autonomous driving technology, the Internet of Things, robotics, and new energy, among others. "I think these are areas that have medium to long-term potential in the future and may be relatively easy to do business globally," Norose said. "Unicorn firms should look at the global market rather than only focus on specific markets to attract overseas investors to achieve sustainable growth."
（Editor:Wang Su）
- Previous：They shared a name — but not a future. How two kids fought to escape poverty in Baltimore
- Next：Larrañaga, Kruger, Dunphy and Nolan to be honored with Joe Lapchick Character Award
Related articles
- Relegation
- Gaps found in battle against climate crisis
- Support workshops facilitate employment for workers at their doorsteps
- Companies in Jinhua established photovoltaic power stations to aid carbon reduction
- The foods that cancer experts want you to stop eating
- Chinese tourists' return greeted by destinations
- Multiple safety issues haunt Boeing
- Experts call for halt to toxic water discharge
- Bank holiday booze
- China’s first zero
- Edward Olivares' grand slam and Mitch Keller's complete game lead Pirates over Angels 4
- Ruling sparks debate on AI technology
- Xi Meets Cambodian PM Hun Sen
- China's National Legislators Start to Elect Chinese President, Other State Leaders
- Wisconsin judge dismisses lawsuit challenging state's new wolf management plan
- Closure of Gaolan Port Bridge in Guangdong Huangmao Sea cross
- 20th CPC Central Committee 2nd Plenary Session Issues Communique
- Closure of Gaolan Port Bridge in Guangdong Huangmao Sea cross
- 76ers president Daryl Morey has big plans to build NBA title team around Embiid and Maxey
- Xi's Article on Economic Work to Be Published
Random recommendation
View of Lali terrace in Guizhou, SW ChinaXi Story: Paddling Through All Odds on FactXi Replies to Letter from Central Asian Students at China University of PetroleumBeijing launches 22 tourist routes for ice and snow activitiesHuangguoshu Waterfall transformed into misty wonderland in SW China's GuizhouNature themed 3D pavement paintings displayed in ChongqingXi Meets Representatives to 10th Conference for Friendship of Overseas Chinese AssociationsView of Lali terrace in Guizhou, SW ChinaHK eases restrictions on travel, integrates with national devtExhibition featuring Bronze Age civilizations held in Chengdu
- Copyright © 2024 Powered by China nurtures unicorn enterprises via sci ,Culture Compass news portal sitemap