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Innovation drives high-end development

chinadaily.com.cn | Updated: 2019-07-30


Xiamen Shimao Haixia Mansion. [Photo provided to chinadaily.com.cn]

Fujian is striving to create a sterling climate for innovation and entrepreneurship, two arch drivers behind its economic growth.

Official statistics show that the industrial output above the designated size in the province expanded by 8.6 percent in the first half of this year.

The rate for high-tech industries was 13.9 percent, 5.3 percentage points faster than the provincial average.

The results are largely due to efforts made by the provincial government to spur innovation among local businesses.

In order to bolster its advanced manufacturing sector, the government has established a special fund to subsidize research and development for local companies and a fund to help companies facing financial problems in the process of transformation.

Since January, the provincial authorities have issued subsidies worth 300 million yuan ($44.77 million) to support R&D among local enterprises, benefiting 1,243 companies with an accumulative R&D investment of 16.389 billion yuan over the period, according to the Fujian provincial department of science and technology.

Meanwhile, it also ramped up financial support to promote the technical transformation and upgrading of companies. On top of the 8.035 billion yuan it provided last year, the government also set up an additional fund of four billion yuan this year. So far, investments in this regard total 68 billion yuan.

These efforts are showing strong results. Tsingtuo Holding Group, a domestic leader in crude stainless steel manufacturing, has generated tremendous benefits due to its advanced techniques in producing nickel alloys and stainless steels, making Fujian a world manufacturing hub for rust-proof metals.

By virtue of its robust R&D capabilities, Tsingtuo has become the first private enterprise in the province with an annual output value exceeding 100 billion yuan.

In Quanzhou, a coastal city in Fujian, shoes and clothing brands also saw handsome profit growth from January to June thanks to their mounting innovation capabilities.

Products producted by local brands such as Anta, Peak and Xtep, featuring cutting-edge technology and industrial designs were not only favored by domestic consumers, but also those from abroad.

Official data show that the exports of shoes from Quanzhou doubled in the first half of this year.

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