Booming innovative technology is bringing with it radically transformational new industries and irrevocable change to the methods of traditional companies, according to Xu Jinghong, president of Tsinghua Holdings.

Xu was speaking at the New Economy Developed Forum, held in the capital last Thursday in Beijing.

The conference was a sub-forum of the 2017 Zhongguancun Forum, bringing together some of China's most promising startup companies and emerging technology leaders.

"The world now is filled with words like new economy, new technology, new modules and new industry," Xu said.

"New technology should be the last phrase we forget," he added.

Science is progressing faster nowadays than any period in history, Xu said.

"The internet, genetic science, astronomics - all these are changing old industrial patterns."

New industries and new ways of doing business are bringing opportunities for companies to expand and develop.

"The core of a new industry is the power of technology, which means innovation is life to enterprises," Xu explained.

In discussing the relationship between innovation and the new economy, Zhai Lixin, director of the Zhongguancun Science Park, said that new technology induces and supports the new economy and the new economy results in new industries.

"Zhongguancun is a cradle of China's new economy," Zhai said.

"Creative talent and enterprises gather here to share a rich innovation atmosphere," Zhai added.

"The park should transform scientific achievements and the core missions of industrialization and create an innovation of culture, particularly in incubating new enterprises."

As an important incubator of new and inventive companies, Zhongguancun has put forward preferential policies for both Chinese and foreign companies that are engaged in big data, internet plus, artificial intelligence and virtual reality.

"Zhongguancun recently published a plan for cultivating AI talent and we hope the output of the AI industry will exceed 50 billion yuan ($7.56 billion) by 2020," said Zhai.

Tsinghua Holdings President Xu gave four tips to entrepreneurs and investors on the pathway to innovation: keep creating values that benefit people, offer good products and services, be honest to all and never forget why you started in business.

Christian Weiss, founder of Berlin-based Sunfish Partners - which supports and invests in early-stage data startups - suggested that entrepreneurs learn about the Chinese market and its culture, particularly their local thinking patterns and business habits.

He also expressed his willingness to see more links between Chinese and European companies on innovation and entrepreneurship, so they could learn about both international and local demands.

Zhongguancun Science Park's Zhai said he looks forward to more Zhongguancun-based enterprises expanding into global markets, collecting international talent resources, connecting to the world innovation network and improving Zhongguancun's global influence.

The conference also featured exchanges between entrepreneurs on essential points for Western entrepreneurs managing partnerships with their Chinese counterparts.

Wang Wei, China general manager of AppsFlyer - a mobile marketing analytics platform - advised international companies to think with a Chinese mindset "by making, for example, their prices more flexible".

Alan Dowdell, vice-president of California-based electric vehicle infrastructure company ChargePoint Inc, and Carol Li, director of business innovation and strategy at Payoneer, said they regarded trust as the most important element.

They said trusting partners, believing local teams and building a good relationship with government agencies all benefited businesses.

The 2017 Shengjing Global Innovation Awards ceremony was also held during the forum, with a total of 21 winners from China, the United States, Israel and Europe accepting awards.

The awards were sponsored by Shengjing, a company services platform, with the intention of celebrating entrepreneurs around the world and offering a platform for international investors and creators to share business opportunities.

(China Daily 12/12/2017 page7)