(China Economic Roundtable) Economic Watch: Chinese private firms thrive on innovation, global ambition

BEIJING, April 24 (Xinhua) -- Riding the wave of innovation and globalization, China's private enterprises are demonstrating robust growth and vitality, playing a crucial role in the country's economic landscape.

In the first quarter of 2025, China's major private industrial firms saw their value-added output rise by 7.3 percent year on year, outpacing the overall industrial sector, official data showed.

In terms of investment and trade, private investment registered a 0.4 percent growth year on year in the first quarter, reversing a full-year decline in 2024, while private enterprises recorded a 5.8 percent increase in import and export value, with their share of total foreign trade rising to 56.8 percent.

Westwell Technology, a Shanghai-based autonomous driving developer, reported a 300 percent surge in revenue in the first quarter compared to the same period last year.

"We have truly felt the government's support and expectations for private tech companies, which has strengthened our confidence in driving technological innovation going forward," said Tan Limin, chairman of Westwell, who joined the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.

Founded in 2016, Westwell has grown from a startup to one of the global leaders in smart logistics. Its driverless heavy trucks, once featured in the Chinese sci-fi blockbuster "The Wandering Earth II," now operate in 28 countries and regions.

From competitive electric vehicles and DeepSeek, a rising star in artificial intelligence, to Unitree Robotics, a pioneer in humanoid robot development, private enterprises have been at the forefront of China's economic advancement.

Official data shows that the share of private enterprises among China's high-tech firms has risen from 62.4 percent in 2012 to over 92 percent today. These companies now account for 70 percent of the country's technological innovation achievements.

Speaking at the roundtable, Liu Min, deputy head of the private economy development bureau under the National Development and Reform Commission, said she is impressed by the trailblazing and innovative spirit of Chinese private entrepreneurs, who have steered the integration of sci-tech and industrial innovations.

"Their innovative achievements are mushrooming with expanding applications and a growing market," Liu added.

Innovation has also been highlighted at a high-level symposium in February, attended by China's top leaders and representatives from private enterprises. The meeting reaffirmed the Party's steadfast support for the private sector and urged private firms to unswervingly pursue high-quality development.

Liu Yonghao, chairman of New Hope Group -- one of China's leading agricultural conglomerates -- was among the private entrepreneurs who attended the symposium.

Speaking on the roundtable, he said, "In the new era, private enterprises must take on new roles, and traditional industries can be empowered by new quality productive forces."

According to Zhu Min, a member of the Senior Expert Advisory Committee at the China Center for International Economic Exchanges, Chinese private firms have vast potential to tap into areas such as globalization, intelligent operations, tech-driven manufacturing, green development and innovative services.

He emphasized that private enterprises are set to become pioneers in building new industrial chains globally and are expected to play a particularly vital role in advancing artificial intelligence software.

"This will greatly enhance the production efficiency, product quality, and product development of private enterprises," Zhu said at the roundtable.

Tan from Westwell said the company has aimed to build a global brand since its inception, aspiring to deliver more smart, made-in-China products as well as China's new quality productive forces to the world.

Zhu also expressed optimism about the future of China's private sector, despite the challenges posed by external uncertainties triggered by tariffs and trade barriers.

"Over the past more than 40 years, China's private firms have risen from the ground up to become a powerful force," he said. "They are adept at seizing new opportunities in times of crisis and thriving through competition." Enditem