On October 14, during a press conference in Beijing, Wang Jiangping, the Deputy Minister of the Ministry of Industry and Information Technology, addressed the growing need to support technology innovation among unicorn companies in China. He emphasized that the government would encourage these firms to focus on technological challenges that align with national strategic demands, aiming to help them master unique capabilities.
When asked by reporters about the plans to create more unicorns in China, Wang highlighted that these companies represent a new economic model and exhibit rapid growth and high potential, making them a significant force driving new productive capacity.
“We’ve seen a continuous increase in the number of unicorn companies in recent years, along with a significant enhancement of their overall capabilities,” Wang noted. “Cities like Beijing, Shanghai, Hangzhou, Guangzhou, and Shenzhen have become hubs for unicorn enterprises. Meanwhile, cities such as Chongqing, Tianjin, Chengdu, Changsha, and Wuhan are also witnessing a gradual rise in their unicorn counts, indicating a trend towards diversified development.”
Wang mentioned that over 78% of these companies come from high-end manufacturing, retail, and high-tech sectors. He also pointed out that more than half of the newly established unicorns last year were from hard-tech fields such as new energy, artificial intelligence, and semiconductors.
He stressed that the growth of unicorn companies relies not only on their technological prowess but also on a supportive development environment. To further support the development of unicorn companies in China, the Ministry plans to implement several measures:
1. Establishing a unified national framework for nurturing unicorn enterprises, in collaboration with provincial and ministerial levels.
2. Supporting technological innovation among unicorns and guiding them to address key national strategic demands while acquiring distinct competencies.
3. Increasing financial support for unicorn companies and leveraging platforms for industry-finance cooperation to facilitate their listings, mergers, and restructuring.
4. Proactively laying the groundwork for future industries, focusing on emerging fields like atomic-scale manufacturing, brain-computer interfaces, and 6G technology to help unicorns grow.
5. Encouraging unicorn companies to engage in the global innovation network and foster collaborative efforts.
As the conversation progressed, it was clear that the government is committed to creating an environment conducive to the success of these innovative companies.
