China's thriving tech innovation a boon for emerging business forms

This photo taken on May 27, 2023 shows a Hyundai hydrogen fuel cell vehicle for display at the exhibition center of Zhongguancun National Independent Innovation Demonstration Zone in Beijing, capital of China. (Xinhua/Zhang Chenlin)

BEIJING, May 29 (Xinhua) -- At the ongoing 2023 Zhongguancun Forum, the bustling exhibition booths witnessed early morning crowds, with one particular booth capturing the attention of eager spectators as a compressor smoothly rotated at a high speed.

Powered by an electric motor, the model machine compressed ambient air, which is then stored in a storage device. Subsequently, the high-pressure air was released to drive the expander and generate electricity.

"Amid low electricity demand, the peak-shaving mechanism compresses and stores high-pressure air, while also capturing the heat generated during the compression process. Then, during peak electricity demand, the high-pressure air is released to generate power," staff members explained in detail about the "futuristic technology," as people gathering around the model attentively listened with great interest.

The forum showcased an array of cutting-edge technologies, spanning from clean energy solutions to quantum computing cloud platforms. These technologies vividly exemplified China's relentless pursuit of enhanced originality and how they inject much-needed innovation into the country's thriving new business forms.

According to Carl Fey, a professor of strategy at BI Norwegian Business School, China possesses a vibrant atmosphere for technological innovation, and the thriving environment is fostering new industries, new business models and forms, continuously injecting fresh impetus into China's development.

"We have already implemented demonstration projects in Bijie, Guizhou Province, and Zhangjiakou, Hebei Province, among other locations. Riding on sci-tech innovation and China's pursuit of dual carbon goals, we are continuously increasing our investment in research. As the technology continues to evolve, compressed air energy storage is poised to become a significant growth driver in the new energy sector," said Guo Shaofeng, marketing manager of Zhongchuguoneng (Beijing) Technology Co., Ltd.

Marching toward modernization, China has fostered a batch of new growth engines in sectors of artificial intelligence, biotechnology, new energy, new materials and high-end equipment to drive development. By effectively unleashing innovation momentum, China is continuously exploring new frontiers and paving the way for development in new sectors.

In 2022, China's total expenditure on research and development amounted to nearly 3.09 trillion yuan (about 437.83 billion U.S. dollars), up 10.4 percent year on year, exceeding the 3-trillion-yuan mark for the first time, according to the National Bureau of Statistics.

"Innovation is the driving force of development. China is continuously enhancing its technological innovation capabilities, thereby promoting high-quality industrial development," said Chen Xiaodong, deputy director of China Industries &Enterprises Competitiveness Research Center, under the Chinese Academy of Social Sciences.

A booth displaying technology based on quantum information is another eye-catching section of the exhibition. The rapidly-developing new technology, which boasts broad applications in computing and cryptography, commended the world's attention, especially after Alain Aspect, John Clauser and Anton Zeilinger won the 2022 Nobel Prize in Physics for their achievements in the field.

Likewise, the quantum computing cloud platform presented by the Beijing Academy of Quantum Information Sciences (BAQIS) captivated a large number of onlookers.

Jointly developed by the BAQIS, Institute of Physics, under the Chinese Academy of Sciences, and Tsinghua University, the quantum computing cloud platform enables researchers to perform complex computational tasks in the cloud and the public to experience quantum computing at the speed of microseconds.

"The platform connects the quantum computing center with personal computers, smartphones and other terminals, facilitating practical applications of quantum computing. As research in this field continues to progress, this technology holds tremendous potential for complex computing scenarios such as logistics optimization, biopharmaceuticals and weather forecasting," said Fan Heng, a researcher with the BAQIS.

The massive consumer market in China is effectively driving the widespread adoption of innovative technologies and fueling the rapid growth of new industries and business forms, Fey noted.

China has created a further improved economic structure through active sci-tech innovation. The value-added of high-tech manufacturing and of equipment manufacturing increased by an annual average of 10.6 percent and 7.9 percent, respectively, in the last five years, and the value-added of new industries and new business forms and models accounted for over 17 percent of GDP, according to this year's government work report.

At present, China is embarking on an innovation trajectory that promises it a position among the world's innovation leaders in fields ranging from electric vehicles and battery technology to space, artificial intelligence and quantum computing, said Denis Simon, president of the Alliance of Global Talent Organizations, during the opening ceremony of the event.