Shanghai Daily: Chinese companies gain from investing in innovation
By Wang Yanlin and Richard FU
Selected from: Shanghai Daily, November 11, 2010.
CHINESE companies and manufacturers, which innovate their technology and management, have seen their efforts being rewarded. The World Group, a private-sector heavy machinery and tools maker from Jiangsu Province, is selling its products at almost the same price as its foreign rivals, with some commanding even higher prices. "We are confident about our pricing," Wang Linjun, a sales manager at World Group, said at the China International Industry Fair 2010 yesterday. "Cheap products used to be our strength but now we want to be known for quality." Wang said years of research and development and technological innovation have enhanced the quality and reliability of the company's products, including construction and agricultural machinery as well as automobile parts. The company is also a pioneer in the research of eco-friendly and energy-saving machinery which it has identified as a future engine of its growth, he said. Shaanxi Province-based Qinchuan Machine Tool Group debuted nine products at this year's fair after winning an unexpected 40 million yuan (US$6 million) order at last year's show. This is the fifth year for Qinchuan's participation at CIIF. Minister of Science and Technology Wan Gang said on Saturday that China is not short of scientists capable of innovation, but it is lacking in companies that can commercialize technologies. A special zone was set aside at the fair for universities and research institutions to act as a bridge between innovators and the business world. A group of 58 domestic and overseas universities is also taking part in the fair.