Unicorns require considerate care to thrive

The "2024 Global Unicorn List" recently released by the Hurun Group shows that by 2023, China had a total of 340 unicorn companies, ranking second globally. In 2023, China saw 56 newly emerging unicorn companies, mostly in high-technology sectors such as smart manufacturing, energy and power.

For years, China's newly emerging unicorn companies have exhibited a clear edge in technology, thanks to the fastest growth in smart manufacturing and power sectors and stable growth in automotive transportation, artificial intelligence, and healthcare sectors.

China is committed to creating a market-oriented, legalized and internationalized business environment, while deeply implementing the strategy of rejuvenating the country through science and education and the strategy of innovation-driven development, significantly enhancing independent innovation capabilities.

Currently, China is accelerating the development of new quality productive forces and requires the continued emergence of more technology-based unicorn companies. Unicorn enterprises are micro-carriers of new quality productive forces. Cultivating more technology-based unicorns to grow vigorously is conducive to developing new economic drivers, fostering new momentum, and building new advantages for future development.

But domestic technology-based unicorn companies still need to further improve their innovation quality and effectively enhance their core competitiveness. Various localities and departments need to adopt multiple measures to actively create a business environment and policy atmosphere that encourages innovation and creation, precisely support relevant companies in promoting technological innovation and demand creation, pool various forces to cultivate an innovative soil, and focus on cultivating more technology-based unicorn companies.

ECONOMIC DAILY