Financing platform urged for private firms to boost advanced manufacturing: Zhou Qunfei

Chinese government should help to establish a better financing platform with shortened process for private companies in order to develop advanced manufacturing industry, said Zhou Qunfei, member of the 13th National Committee of the Chinese People's Political Consultative Conference.

The financing platform should be transparent so that all private companies of different sizes, accounting for 90 percent of manufacturing sector, can make big investment when facing financial challenges during the process of transition, Zhou said.

Advanced manufacturing industry, integrating automation, digitalization and internet, has high investment threshold, research and development cost and demand for talents, which involves a large amount of investment.

Zhou, who is also CEO of Lens Technology, said when the world is geared up for advanced manufacturing, China should keep up with the speed and emphasize on research and development by attracting international talents and cultivating domestic talents at the same time.

Private companies should also emphasize technological innovation and IP protection so they should play a more active role to establish IP protection association and formulate standard to strengthen IP protection and have more say in the industry, Zhou added.