Summit of digital economy held to boost high-quality development of Hebei

As China launches a science and technology innovation board (STIB, or STAR Market) through the Shanghai Stock Exchange and experiments with a registration system for listed companies, a market mechanism with high standard and efficient operation has been established for non-governmental capital to enter high-tech sector, thus improving the efficiency of resource allocation.

This was discussed at the STAR Market and Digital Economy Summit on Oct. 10 in Zhengding country, Hebei province, during the 2019 China International Digital Economy Expo (CIDEE). 

Some 200 brokers, entrepreneurs, and scholars were invited to the summit that focused on the development of the STIB, exchanging ideas about the role capital and industrial services in the era of digital economy and how these can empower the high-quality development of Hebei province. 

A two-way empowerment boosts digital economy in Hebei

As the digital economy in recent years becomes a recognized practical pathway to Hebei’s industrial transformation and upgrade, people in the region have experienced an accelerated integration of the new generation of IT and the province’s economic and social development. 

Considering the massive scale and huge potential of the digital economy, the question arises as to how science and technology innovation, as well as non-governmental capital, should function as a two-way empowerment system, to boost its advancement in Hebei.

Gu Qiang, Senior Vice-President of China Fortune Land Development (CFLD) Co., Ltd, China’s leading New Industry City Operator, and head of the company’s Industry Research Institute (CFLD-IRI), said he believed data, algorithms, and calculation capacity remain key factors for the development of the digital economy. 

Gu noted that multi-layered capital markets should be established to meet the requirements of STIB, so as to ensure the market becomes a competitive and appealing destination for investment.

Fan Shoushan, academician of the Chinese Academy of Science, analyzed the structure of China’s high-tech industries, reinforcing the fundamental role of material science in innovation, and calling for integrated cooperation between government, capitals, industries and universities to accelerate the industrialized process of scientific discovery and improve the intelligence factor in the real economy.

Mechanisms to support high-tech SMEs’ development

“Huaxia Intelligent Innovation Lab”, a service provider to support the development of high-tech small and medium-sized enterprises (SMEs), was launched at the summit. The lab was established based on a strategic cooperation deal between CFLD and Clarivate Analytics, a global data provider for innovators.

Built on the concepts of openness and cooperation, the lab aims to pool global resources for innovation, providing consulting services in the fields of technology scanning, patent mapping, business model adaptation, marketing, and innovation strategy planning, to name but a few.

Gu Qiang noted the advantages of the lab, saying that, “With CFLD’s extensive experiences in operating new industry cities and supporting innovative start-ups, plus the world-leading innovative data from Clarivate Analytics, the lab will provide one-stop, demand-oriented services for innovators.”

According to Gu, the lab would contribute to regional industrial transformation and upgrading, such as supporting local governments to build industry parks and clusters.

In regard to its specialization, Wang Qi, research fellow at CFLD-IRI, introduced the lab before in advance of the launch ceremony.

“The data of the lab will cover five major industries including electronics, smart manufacturing, new material, biomedicine, and intelligent connected vehicle (ICV). We will focus on the needs of high-tech SME’s’ throughout their initial R&D, mid-term IPR protection, as well as the final marketing process,” he explained.

Wang also mentioned that the lab would eventually be equipped with a digitalized exhibition center to demonstrate case studies of successful SME’s involving the three processes. In the meantime, CFLD will also actively promote to implement the solutions provided by the lab in new industry cities, so as to further build its capacity in operating these cities and developing innovative clusters.

Nathan Fan, Clarivate Analytics Senior Director, head of Derwent & Techstreet, Greater China, praised the cooperation that had already been achieved between the two sides.

“The sound cooperation between CFLD and Clarivate Analytics is well recognized in the fields of the evaluation of high-tech innovation and its developing trend. Based on CFLD’s excellence in fostering industries, we will further collaborate to explore the role technological data plays in supporting high-tech SMEs’ development,” Fan said.

In addition, CFLD’s big data platform for the STAR Market (STIB) was unveiled at the 2019 CIDEE, it will focus on six industries under the STIB, notably new display technology, semiconductors, automobiles and biomedicine, as well as providing analytical services for listed companies and their capital flows.

With the continuous development of this industrial big data platform, CFLD expects to make further breakthroughs in industrial clusters within the fields of STIB.

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