The Environment for innovation in China has transformed, with more resources and financing opportunities.

From hi-tech companies to auto manufacturers, Beijing’s industrial influence is expanding on both domestic and international levels.

Among the local hi-tech powerhouses is Tus-Holdings, a spinoff of Tsinghua University. Founded in 2000, the company targets startups, providing them with incubation and financing services. Compared with the 1990s, the environment for innovation in China has transformed, said Chen Hongbo, Executive Vice President of TusHoldings.

“Nowadays, companies have a better starting point, with a higher level of technology, rich social resources and more financing opportunities.”

“The Belt and Road Initiative is an opportunity for companies to better develop businesses in overseas markets”

Tus-Holdings has established more than 300 innovation centres worldwide and has launched over 100 technology projects in co-operation with 65 colleges around the world. “Hi-tech companies are part and parcel of regional economic development,” Mr Chen said.

“They boost the local economy by promoting the industrialisation of technological achievements and bringing new products, business patterns and job opportunities.” The company is engaged across diversified industries, ranging from environmental protection, digital economy and clean energy to new materials.

The Belt and Road Initiative is an opportunity for companies to better develop businesses in overseas markets with the vision of shared benefits, Mr Chen said. “We will improve our business patterns to support more hi-tech companies and thus aid in China’s efforts in building itself into an innovation powerhouse.”

Foton Motor Group is a Beijing-based commercial vehicle manufacturer founded in 1996. Its product portfolio incorporates heavy-duty and light-duty trucks, vans and buses. The company has fulfilled more than 70 major orders in 34 countries and regions involved in the BRI.

It has co-operated in infrastructure construction projects in countries such as Kenya and Pakistan. The manufacturer has also broadened its businesses to incorporate the internet and advanced technologies, including an industrial internet platform monitoring centre and self-driving vehicles.

Zhou Zhe, a staff member of the company’s internet of vehicles department, said the centre is aimed at fulfilling automated monitoring in areas including vehicle production, operation and maintenance. Caciuc Anatolie, a journalist from Teleradio-Moldova, said during a tour of Foton’s facilities that the development of China’s automobile industry has been stunning.

“I have been to China several times, but this is my first time visiting a vehicle production workshop and it is also a demonstration of China’s rapid development in social economy,” he said.