PE helping to drive innovation

Few Chinese people had even heard of the term private equity in 2007 when the first China International Private Equity Forum was held in the Tianjin Binhai New Area.

The forum has since played a significant role in alleviating the financing woes of small and mid-sized companies. As it celebrated its sixth birthday yesterday, government officials and corporate leaders lauded the success, yet noted the hurdles ahead with openness and candor.

Banking veteran Dai Xianglong, a former mayor of the host city, said Tianjin has been the most important player in the nation's private equity sector.