China nurtures unicorns with sci-tech innovation

Upward trend: An electric vehicle at a showroom in Shanghai. As the number of unicorns grows and continues to provide momentum for nurturing new quality productive forces, so too is China’s overall strength in sci-tech innovation steadily improving. — Bloomberg

BEIJING: With the steady improvement in China’s overall strength in sci-tech innovation, numerous unicorn enterprises have been fostered in the country in recent years, providing continuous momentum for nurturing new quality productive forces.

China boasts 369 unicorn companies, startups valued at more than US$1bil, according to a report on China’s unicorn enterprise development, which was released at the just concluded 2024 Zhongguancun Forum (ZGC Forum) in Beijing.