Private companies to boost focus on high-quality development

Private enterprises are looking to play a bigger role in making technological innovations and promoting green and sustainable development as part of a broader drive to achieve high-quality growth, business leaders said.

"Technology is of great significance to BYD. We began to invest in core technologies related to electric vehicles, such as battery, electric machinery, chips and electronic control in 2005," said Wang Chuanfu, chairman and president of BYD, Chinese leading electric vehicle maker.

Wang said BYD started as a rechargeable battery maker and expanded its businesses to the automobile, monorail, mobile phone components, and batteries over the past 24 years. Its sales revenue surpassed 130 billion yuan ($25.2 billion) in 2018.