Chengdu, Vibrant City of China

CHENGDU, China, May 22, 2018 /PRNewswire/ -- In May 2018, a three-day Global Innovation and Entrepreneurship Fair will be held in Chengdu, China. Having invited over 100 companies on the 2017 Unicorn List and over 50 sister cities to attend the event that consists of a series of key activities, the fair will also release the "China New Economy Index" to clearly demonstrate the development trend of China's new economy. In addition, the design proposal of China's first unicorn will be announced during the conference.

Such a global conference themed by innovation and entrepreneurship will be held in Chengdu instead of China's first-tier cities like Beijing, Shanghai, and Shenzhen, which clearly shows that as a dynamic economic growth, Chengdu has been highly recognized for its development direction and potential.

In February 2018, The Economist published a report entitled Go East, Young Entrepreneur, telling the reason why Maria Wickham, the founder of a Russian credit scoring start-up, chose to settle in Chengdu when her company entered the Chinese market. According to the report, what attracted Maria was Chengdu's vibrant development atmosphere as well as the various preferential policies and customized services for talents and high-tech companies. Almost all auxiliary facilities are provided here, including office space, necessary furniture, logistics services. What's more, the entrepreneurs can receive detailed guidance on entrepreneurial methods.

Zhong Bo, CEO of Chengdu Jimi Technology Co., Ltd. which just received RMB 600 million in investment, is deeply impressed. "When Jimi entered the Chengdu Hi-tech Zone, we were exempted from the rent of the first year and half of the rent of next year. This was undoubtedly a great help for Jimi which was still at its early stage as a startup company." He said, "At the initial stage, any lack of capital, office environment, venue, talents, and brand promotion can hamper the growth of the company. It was Chengdu Hi-tech Zone's strong support that helped the company break through the bottleneck of development. Without its help, we cannot be included in the list of 'Potential Unicorn Enterprises'."

The list of potential unicorn enterprises mentioned by Zhong Bo is used to sort out the local companies in 2017 so as to support indigenous outstanding enterprises more accurately.

According to public information, there are 31 potential unicorn enterprises in Chengdu. With regard to their industries and fields, these companies mainly come from new economy fields such as big data, smart medical care, smart logistics, smart hardware and cultural entertainment.

The unicorn enterprise is a concept created in 2013 by Aileen Lee, a famous American investor. A unicorn enterprise essentially means a startup with private equity and public shares valued at over $1 billion. In comparison, a potential unicorn enterprise has been established for less than 5 years with a valuation of over $100 million or for more than 5 years with a valuation of $0.5-1 billion.

To enhance the top-level structure of its high-tech industries, Chengdu will cultivate unicorn enterprises. In April this year, the "Chengdu New Economy Enterprise Club" was established. Zhou Tao, the person in charge, said, "This is the first new economy enterprise club in China. Its aims to select and cultivate unicorn and quasi-unicorn enterprises for Chengdu. Meanwhile, the club will also build a brand new government-enterprise relationship, leading to a better ecosystem for the development of new economy."

It is worth noting that Chengdu achieved a breakthrough with its first unicorn enterprise in March of this year. According to the "2017 China Unicorn Enterprise Development Report" released in Beijing by the Torch Center of the Ministry of Science and Technology in collaboration with Beijing Greatwall Enterprise Institute (GEI), Chengdu Xinchao Media was included in the list of 2017 China Unicorn Enterprise with a valuation of $1.5 billion.

"The forums for potential unicorn enterprises are often held in Chengdu Hi-tech Zone, where the entreperneurs can learn more about the production and operation status quo, future plans and development needs. Thus, they can provide targeted solutions to the difficulties they have encountered in the development process," said Zhang Jixue, Chairman of Chengdu Xinchao Media.

Currently, the Chinese economy is shifting from high-speed growth to high-quality development, and the era of new economy has come. Since last year's proposal to build a city most suitable for the growth of new economy, Chengdu has clearly planned that by 2022, it will basically form a new economy industry system as a regional driving force with global influence.

With this background, Chengdu launched the recruitment of the overall planning and design proposal for China's first "Unicorn Island" in December last year. The purpose is to bring together global talents and create the opinion leader, scenario cultivation base, element concentrated place, and ecological innovation zone for unicorn enterprises. Finally, it will build Chengdu into a base of new economy that benefits the growth of unicorn enterprises.

According to the plan, a demonstration zone of the 1000 mu Unicorn Island will be completed in 2019.

The new economy requires "new" talents, and Chengdu understands this thoroughly. In July 2017, Chengdu officially released the "12 New Policies for Talents". The young talents with a full-time undergraduate education and above may apply for permanent residence in Chengdu with a graduation certificate. And skilled talents who have worked in one employing unit for two years or more in Chengdu may apply for permanent residence with the employer's recommendation and confirmation of relevant departments. In 2017 alone, 364,000 people obtained permanent residence in Chengdu, and more and more people will work and live in Chengdu.

Meanwhile, as Chengdu is located at the intersection of the "Yangtze River Economic Belt" and the "Silk Road Economic Belt", its position as an international hub is becoming increasingly prominent in case that China vigorously promotes the Belt and Road Initiative and the "Yangtze River Economic Belt" Strategy. Up to now, Chengdu is home to 281 of the world's top 500 companies and has opened 106 international (regional) air routes. The Tianfu International Airport under construction will be completed and put into use in 2019. By then, Chengdu will become the third city in China that has two airports.

Chengdu, a renowned cultural city with a long history, is bursting with strong vitality of development in a new era.

For more information, please visit: http://www.gochengdu.cn/

SOURCE Chengdu New Economy Enterprise Club