Chongqing - "Private enterprises are the driving force behind the modernization of New Chongqing," said Wang Wei, Deputy Director of the Chongqing Science and Technology Bureau, at a press conference on February 28 regarding the Measures for Building a Highland for Private Economic Development in Chongqing.

The new measures, which will be released soon, aim to enhance the private economy's innovative capacity. These initiatives include supporting private companies in seizing opportunities in emerging industries, accelerating digital transformation, and improving technological innovation capabilities. 

Explosion-Proof Quadruped Robots by Sevnce Robotics, a Chongqing-based company. (Photo/Sevnce Robotics)

Notably, key projects led by private companies, such as embodied robotics and open-source community initiatives, will receive financial support of up to five million yuan (about 686,233 USD).

To energize the private economy, the measures provide financial support of 1-10 million yuan for innovative products like new drugs and biosimilars. Private companies involved in national cold chain logistics or standards development will also receive rewards, especially those with a national four-star rating or higher.

Support for 450 R&D projects in life sciences, AI and robotics

Wang further noted that in recent years, Chongqing has seen an increase of 2,281 private high-tech enterprises, accounting for 93.6%, and 26,682 private tech-based companies, making up 99.4%.

Wang highlighted that, looking ahead, Chongqing will implement an initiative to incubate small and micro tech enterprises, promoting the "Education + Talent + Sci-tech + Industry" models. It will build six new specialized parks and enhance the innovation ecosystem around universities by developing centers for concept validation, pilot platforms, and technology transfer to support more private tech firms.

Chongqing will also continue to prioritize major science and technology projects in fields such as artificial intelligence and biomedicine, with a focus on increasing the proportion of private enterprises leading significant R&D initiatives. The city will provide project funding of up to 10 million yuan for private enterprises tackling key technological challenges in dominant industries.

Researchers at Jinfeng Laboratory, focusing on life and health sciences, are conducting experiments. (Photo/Liu Yini)

In addition, a new action plan for joint corporate tech breakthroughs will be launched this year, aiming to support 450 research projects in fields like life sciences, smart agriculture, AI, and robotics. These efforts are designed to encourage greater R&D investment from private high-tech and tech-based companies.

Furthermore, Wang stated that Chongqing will support private enterprises in exploring new frontiers such as AI, new materials, and bio-manufacturing, with plans to build a series of municipal-level technology innovation centers. The government will also continue to deploy science and technology specialists to support companies, with at least 100 dedicated teams selected from universities and research institutes to drive technological innovation in enterprises.

The city also aims to leverage financial tools such as seed funds and innovation credit loans to empower private sector growth. The scope of seed investment funds will be expanded, focusing on early-stage investments, small-scale projects, and hard tech. Each project can receive a maximum of two million yuan in support.