China nurtures unicorn firms with sci-tech innovation

BEIJING — With the steady improvement in China's overall strength in sci-tech innovation, a multitude of unicorn enterprises have been fostered in the country in recent years, providing continuous momentum for nurturing new quality productive forces.

China boasts 369 unicorn companies — startups valued at more than $1 billion — according to a report on China's unicorn enterprise development, which was released at the just-concluded 2024 Zhongguancun Forum (ZGC Forum) in Beijing.

The number of unicorn companies in China amounts to over a quarter of the total number of such companies globally. The country has added 67 new unicorn companies over the past year, the report said.