Old Version
Media Focus

China’s ‘Hidden Champions’ to Boost the Economy

NewsChina, Chinese Edition March 13, 2023

By NewsChina Updated May.1

To achieve high-quality growth, China is making more efforts to upgrade its industry, reshape the big data-based platform economy and seek new opportunities in its demographic change. Since 2011, China has been ramping up the growth of small- and medium-sized high-tech manufacturers in niche markets, such as shock absorber piston rods or screen reflecting coatings. Such firms, dubbed “hidden champions” by German management theorist Hermann Simon, play a decisive role in the global industrial chain. Giant manufacturers in traditional industries like steel making are also trying to improve. Meanwhile, Hangzhou, capital of Zhejiang Province, home to tech firm Alibaba, is revitalizing its platform economy after crackdowns on irregularities in e-commerce platforms in the last two years. The country is also exploring the market potential in the elder care industry to address China’s aging society. The clean energy storage sector is expanding fast as the country moves toward green growth.