An aerial drone photograph taken on Jan. 8, 2024 exhibits robotic arms processing parts for new power autos at a private firm in Changxing Economic and Technological Development Zone of Huzhou City, east China’s Zhejiang Province. (Photo: Xinhua)
China’s private enterprises account for over 90 % of the nation’s high-tech enterprises at the finish of 2024, and the main position of private enterprises in scientific and technological innovation continues to ramp up, making them an important drive in the improvement of new high quality productive forces, the China Central Television (CCTV) reported on Tuesday.
As of the finish of 2024, private enterprises accounted for greater than 80 % of each the specialised, refined, attribute “little giant” firms and the firms listed on the China’s Science and Technology Innovation Board in Shanghai, and—for the first time—the group grew to become the main contributors in China’s high-tech product imports and exports with a 48.5-percent share, in response to the report titled China Private Enterprises Social Responsibility Report (2025).
The report was issued on Tuesday by the All-China Federation of Industry and Commerce (ACFIC) in Changsha, capital of Central China’s Hunan Province, the CCTV News reported. The result’s based mostly on responses from 33,988 private enterprises which participated in the analysis, together with ACFIC govt committee enterprises, listed firms and prime 500 Chinese private enterprises.
The prime 1,000 private enterprises in phrases of analysis and improvement (R&D) funding recorded a complete R&D expenditure of 1.43 trillion yuan, with 112 of them rating amongst the international prime 1,000 in R&D spending, in response to the report. The information confirmed that 71.6 % of private enterprises achieved optimistic year-on-year progress in R&D funding.
Wang Peng, an affiliate researcher at the Beijing Academy of Social Sciences, advised the Global Times on Tuesday that the report highlighted private firms’ pivotal position in the push for higher self-reliance in science and know-how in addition to constructing the nation into a world sci-tech powerhouse.
Analysts identified that private firms, that are versatile in responding to market demand and keen to take larger funding dangers, might actively discover the built-in improvement of scientific-technological innovation and industrial innovation in such sectors as synthetic intelligence, massive information, clever driving, and bio tech.
“Private companies could drive the demonstration and application of new technologies, new products, making themselves a prominent force in the development of new quality productive forces,” Wang stated. And, China’s high-quality financial improvement additionally gives a “historical chance” for private firms to embark on industrial improve and transfer up on the international worth chain, Wang stated.
The report highlighted private enterprises’ position in stabilizing employment and accelerating inexperienced transformation. The private firms who participated in the survey has created 12.75 million jobs, with 71.4 % of enterprises sustaining secure or elevated worker numbers, the report stated.
“One of the main characteristics of Chinese private enterprises fulfilling their social responsibilities” is a outcome of coverage impact, the report stated. In current years, related insurance policies and measures on the sustainable improvement of private enterprises launched by the authorities have offered steering for private enterprises in fulfilling their social obligations, thereby stimulating their endogenous motivation, in response to the report.
Global Times