Risk of innovation countered by need for good products: Zhou Qunfei

Zhou Qunfei, standing executive member of All-China Federation of Industry and Commerce and chairman of Lens Technology Co Ltd, speaks at a press conference for the second session of the 13th CPPCC National Committee in Beijing on March 6, 2019. [Photo/Xinhua]

Innovation is always accompanied by risks, such as technical risks, market risks, financing risks and management risks, said Zhou Qunfei, chairwoman of Lens Technology Co.

"However, if we are afraid of risks and don't want to try, consumers can not get good products," said Zhou, who is also a member of the National Committee of the Chinese People's Political Consultative Conference.

Enterprises should pay attention to effective connection between technical innovation and market demand, promote innovation and cooperation among the industry, universities and research institutions, and optimize financing channels, Zhou added.

Financing platform urged for private firms to boost advanced manufacturing: Zhou Qunfei

Chinese government should help to establish a better financing platform with shortened process for private companies in order to develop advanced manufacturing industry, said Zhou Qunfei, member of the 13th National Committee of the Chinese People's Political Consultative Conference.

The financing platform should be transparent so that all private companies of different sizes, accounting for 90 percent of manufacturing sector, can make big investment when facing financial challenges during the process of transition, Zhou said.

Advanced manufacturing industry, integrating automation, digitalization and internet, has high investment threshold, research and development cost and demand for talents, which involves a large amount of investment.

Zhou, who is also CEO of Lens Technology, said when the world is geared up for advanced manufacturing, China should keep up with the speed and emphasize on research and development by attracting international talents and cultivating domestic talents at the same time.

Private companies should also emphasize technological innovation and IP protection so they should play a more active role to establish IP protection association and formulate standard to strengthen IP protection and have more say in the industry, Zhou added.