HEADLINE China home to 36 pct of world's unicorn companies: expert

HEADLINE

China home to 36 pct of world's unicorn companies: expert

Xinhua

17:49, March 24, 2018

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Unicorn companies in the world. (Photo: Howmuch.net via WEF)

BEIJING, March 24 - China is home to 36 percent of the world's "unicorn companies," startups valued at more than 1 billion U.S. dollars, an expert said Saturday.

Having transformed from a follower into a potential leader, China is catching up fast in technological innovation, said Wang Yiming, deputy director of the Development Research Center of the State Council, in a speech at the China Development Forum.

In sectors such as mobile payment, e-commerce and new energy, China ranks among the world's leaders, Wang said.

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Top 10 unicorn companies in the world. (Photo: Visual Capitalist)

Data showed Alibaba's Ant Financial and Didi Chuxing are among the world's top unicorn companies.

As China's policymakers pledged to steer the economy onto a new path featuring high-quality growth, rather than high-speed growth, a booming digital economy is reshaping China's economic landscape on the back of technology such as big data and AI.

In recent weeks, the country's regulators signaled that they would fast-track new listings by unicorn companies to "invigorate the country's capital market and foster the new economy."

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