Wu Yuenong: Private Economy Accelerates the Innovative Development

Release time:2024-01-12Author: Wu Yuenong

The private economy is an important force in building the new development pattern of China's dual circulation strategy. The way for the private economy to success is to focus on industrial manufacturing, modern service industry, and innovative development.


Independent innovation is the core of sci-tech self-reliance and self-strengthening at high levels for private enterprises. Private enterprises compete for independent innovation, focusing on transforming key variables of technological innovation into the maximum increment of high-quality development in the manufacturing industry. Innovation is the most important means for the development of industrial manufacturing, and it must be the innovation that breaks through core technologies. 


Intelligent manufacturing is an important key for private enterprises to develop new quality productivity. Based on the essence of manufacturing, the intelligent transformation and digital transformation of private enterprises use multiple technologies such as the Internet of Things, digital twins, intelligent algorithms, 5G, and AR, making them more intelligent, more environmentally friendly and more integrated.


The global perspective and participation in global competition are the foundation for the development of private enterprises. Excellent private enterprises always understand that only by positioning themselves in the global market, integrating international and domestic markets, resources, and capital, can they achieve the optimal allocation of production factors, and comprehensively improve the quality and efficiency of enterprise operations. 


Looking forward to the new year, private enterprises will adhere to the new development concept of innovation, coordination, green, open, and sharing. In the historical process of the great rejuvenation of the Chinese nation, private enterprises will shoulder greater missions, bear heavier responsibilities, and play a more important role in building a modern socialist country with Chinese characteristics.