According to the latest data from the All-China Federation of Industry and Commerce, Chinese private enterprises have become the main driver of technological innovation and the development of new quality productivity. By the end of 2024, private companies accounted for more than 90% of all national high-tech enterprises and over 80% of specialised and innovative so-called „small giant“ enterprises and companies listed on the Innovation Board for Science and Technology.
At the same time, private enterprises became the largest entity in Chinese imports and exports of high-tech products for the first time, reaching a share of 48.5 per cent. The report also states that the 1,000 largest private enterprises invested a total of 1.43 trillion yuan in research and development, with 112 of them ranking among the world's 1,000 largest investors in research and development.
Their innovation results are also significant. Private companies occupied seven of the top ten places in terms of the number of approved domestic patents for inventions and contributed to more than 70% of the country's total technological innovation results.
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