Growth Drivers
Editor's Desk  ·  2019-09-23  ·   Source: NO. 39 SEPTEMBER 26, 2019

As the nerves of a country's economy, enterprises participate in and contribute to economic growth. In the 70 years since the founding of the People's Republic of China (PRC), China has established a complete modern industrial system under the leadership of the Communist Party of China (CPC) and realized a historic transformation from a poor and backward agricultural country into a manufacturing giant.

Chinese enterprises have played an important role in the process in which China has become strong and Chinese people prosperous. As domestic and international economic situations become complicated, these enterprises are still supporting China's steady economic growth.

Today, their independent innovation abilities have significantly improved. When the PRC was founded, China's industrial capacity was weak. But its industrial innovation ability has greatly improved with its growing economic strength. Especially since the 18th CPC National Congress in 2012, industrial enterprises above designated size have increased spending on scientific innovation and their innovation ability has conspicuously improved, making them the driving force for the rapid growth of the Chinese economy.

China's technologies in mobile communication, speech recognition and the third-generation reactor HPR1000 have taken the lead in the world, while its integrated circuit industry, its first large, domestically designed and built passenger jetliner C919 and its shipbuilding industry are also catching up with world leaders.

Emerging industries and enterprises are developing rapidly. From 1949 to the 1990s, China's industrial structure was focused on traditional industries such as iron and steel, building materials, agricultural and sideline products and textiles. Since the 18th CPC National Congress, the country is placing more emphasis on developing hi-tech industries and advanced manufacturing to foster new growth drivers. China's industries have moved up the value chain to the middle and high end, and intelligent manufacturing has taken shape.

Enterprises with different forms of ownership have developed together. From the beginning of the PRC up to reform and opening up in the late 1970s, China's industrial sector was dominated by public ownership. Today state-owned, private and foreign enterprises are competing on an equal footing in the domestic market and the private economy has become a main force of the Chinese economy. It plays an important role in creating jobs and takes up a large share of the economy.

As China comprehensively furthers reform and opening up, enterprises will have a more facilitated, free and fair market environment. Their vitality will increase confidence in the Chinese economy.

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