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Nov. 10 (NBD) -- Chengdu, the capital of Sichuan province in southwest China, boasts advantages in biological medicine, electronic information, and modern finance, which should direct the new economy development of the city, Zhou Tao, director of the Chengdu New Economy Development Research Institute, commented while attending the Chengdu New Economy Development Conference held Thursday.

Zhou, who is also a professor of University of Electronic Science and Technology of China, took the position as the director of the Chengdu New Economy Development Research Institute since its establishment last month.

NBD learned from the conference that Chengdu aims to build a new economy industry system with global competitiveness and ability to push regional economic development, and to build a new type of city which benefits the cultivation and growth of new economy by 2022. And by then, the value of new economy in this key city in the west region of China will surpass 500 billion yuan (75.4 billion U.S. dollars) and its new economic aggregate index will rank among the best across China.

Zhou told NBD that when an industry in a city holds edges in terms of manpower resources and other factors, it's more likely that such industry can grow to shoulder a dominant role. To him, new economy development should roll out in line with local conditions.

He also emphasized the guiding role of governments in the development process of new economy. Singapore, for example, has a relatively small land area, but it is actively developing its economy by beefing up its support for industries, setting up public service platforms for fundamental researches, and building offshore industrial parks around the globe. Such a move means mobilizing global resources to make innovations for Singapore, and a city's innovation and development level of new economy, to some extent, follow the guidance of the government, Zhou explained.

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Except for the government's guidance, breakthroughs based on scientific power and increasing culture-oriented needs constitute the major factors that promote the new economy development, Zhou added. The cultural creativity economy is brought by rising demand, for instance.

Zhou also noticed that for Chengdu, there hasn't formed core enterprises to pull its new economy. He believes that to foster unicorn enterprises is a significant step to create a distinct industry label for the city.

He told NBD that Chengdu was once called the "hunting ground" of venture capital firms, because about 90 percent of the investment received by Chengdu's local companies came from other places and most profits generated were taken out of Chengdu.

In Zhou's opinion, a leading enterprise can have the influence to construct a city or even the city's industrial ecology. Zhou said to NBD that to find a core company and nurture it into an industry leader is beneficial for lifting a city's regional status, shaping a vivid city label and enhancing the new economy ecology.

It is very important for Chengdu to forge a financial service system with a full lifecycle so as to lay the sound foundation for the development of new economic businesses, Zhou added.

When asked about what path Chengdu should choose to develop new economy and what industries Chengdu should focus on nurturing, Zhou gave the answer of biological medicine, electronic information and modern finance after analyzing the city's characteristics of talents and industries.

For one thing, when it comes to biological medicine, electronic information and modern finance, Chengdu has sound basis and advantages and the government should vigorously support their growth, Zhou further explained.

With regard to talents reserve, he noted that there exists much uncertainty in new economy development, and one should see not only industries which now are prosperous but also new businesses which have potentials. To advance new economy, managerial talents are needed as much as technical talents, Zhou added.

Email: gaohan@nbd.com