The Financial Summit Looking Forward to 2020 - The Resilience and Potential of China’s Economy sponsored by Beijing News was held on December 18, 2019. As a representative of the first batch of listed enterprises on the Science and Technology Innovation Board, Gao Chunhai, Chairman of TCT was present by invitation and participated in the roundtable forum “China's Opportunities - Power of Science and Technology Innovation”.

Chairman Gao Chunhai attended the summit

In the forum, Chairman Gao Chunhai and other guests conducted an in-depth discussion on the positioning of the Science and Technology Innovation Board, the innovation ability of science and technology innovation enterprises and the new power brought by science and technology innovation to China’s economic development.

After the summit, Chairman Gao Chunhai accepted the exclusive interview with the reporter of Beijing News. During the interview, Chairman Gao Chunhai further explained how the science and technology innovation board and enterprises stimulate the new potential of China's economic development and build the new potential of China’s economy.

Innovation has become one of the two wheels of China's economic development

At present, China’s economy has transformed from a rapid growth stage to a high-quality development stage. After years of rapid development, China has made great achievements in its economy, which attracts worldwide attention and the volume is not what it was.

In the reform and opening up, China’s economic development mainly depended on “volume” growth. Nowadays, however, China’s economy has moved towards a stage of high-quality development.

At this stage, China pays more attention to improve the overall competitiveness of the economy, structure optimization, and quality and efficiency improvement, which is also a requirement of the objective development law. Only with higher development quality can maintain the health of China's economy and better meet the growing needs of people for a better life.

For this reason, the Central Economic Work Conference pointed out that it was imperative to promote high-quality development, insist on the policy of “consolidation, enhancement, improvement, and circulation”, comprehensively improve the overall competitiveness of the economy with the innovation-driven and reform and opening up as two wheels and accelerate the construction of the modernized economy system.

It is easy to see that with the development of China's economy from focusing growth volume to growth quality, innovation-driven will play an increasingly important role in economic development in the future and has become a critical factor for maintaining the long-term sustainability of China's economic development.

Science and technology innovation become the innovation core

Undoubtedly, innovation can prove a new growth space, key thrust, and important support for the high-quality development of the economy. The 19th National Congress of the Communist Party of China also clearly put forward “to accelerate the construction of innovative country”. Innovation is the first power for leading development as well as strategic support to construct the modernized economy system. Therefore, it is necessary to focus on the forefront of world science and technology, strengthen the basic research and make a great breakthrough in forward-looking basic research and leading original achievements.

To provide a new stage for innovation, the Science and Technology Innovation Board that gives full play to the unique advantages of the socialist market economy will definitely become a core to promote the innovative development of China’s economy.

Before the establishment of the Science and Technology Innovation Board, the second meeting of the Central Finance and Economics Committee had stressed that in order to promote the independent innovation of key and core fields, it was necessary to give full play to the unique advantages of socialist market economy and the role of scientists and entrepreneurs as innovation subject, so as to realize the research and development of core technologies and achievement transformation.

In the opinion of Chairman Gao Chunhai, science and technology innovation enterprises can become the core of economic innovation and development only when having the seven major attributes of science and technology innovation. According to the introduction of Chairman Gao Chunhai, the attributes of science and technology innovation include: first,  industry of enterprises shall conform to the national strategic requirement and be supported vigorously by the country; second,  enterprises shall master the core technology and have the strength of hard technology; third, enterprises shall establish a complete independent innovation platform; fourth, the technology, products, and system of enterprises shall obtain the international independent third-party certification; fifth, the technology and products of enterprises shall be recognized by users; sixth, enterprises shall lead the direction of industrial technology development and have followers; finally, enterprises shall have and maintain the innovation ability.

The establishment of the Science and Technology Innovation Board reflects that the country attaches importance to science and technology innovation enterprises and will focus on the development of high-tech industry in the future. While the Science and Technology Innovation Board also provides a platform to empower innovation so that capital can assist for science and technology innovation to become the new resilience of China’s economic development and stimulate new development potential.

Emergence of science and technology

As the representative of science and technology innovation enterprises, TCT has walked a high-quality development road in the rail transit signalling system based on its own science and technology innovation attributes.

CBTC signalling system developed by TCT independently makes China become the first country in Asia and the fourth country in the world to master the core CBTC technology and put it into operation, it breaks up the monopoly of foreign manufacturers in rail transit signalling system, solves the problem of “bottleneck” and drives the research and industrialization development of autonomous signalling systems in China.

At the end of 2017, the FAO system with TCT’s independent intellectual property was applied to Beijing Subway Yanfang Line and became the first FAO line that owns independent intellectual property in China. FAO system of Yanfang Line has reached the highest automation grade in rail transit field, represents for the world-leading level, fills the gap in domestic, listed as the major achievement of “Three-year Action Plan (2015-2017) of NDRC for Strengthening Manufacturing Industry” and has a great significance for promoting industrial upgrading of urban rail equipment and implementing the innovation-drive development strategy.

At the end of 2018, Chongqing Rail Transit Loop Line (Phase I), the NDRC’s major demonstration project of the interconnectivity signalling system with the independent intellectual property of TCT was put into operation formally, and it is also the first application of urban rail transit signalling system interconnectivity in China. As the technical leading party of the demonstration project, TCT led three domestic signalling manufacturers to solve the world-class key problems in  rail transit field. Under the guidance of the Operation Management Special Committee of China Association of Metros, TCT completed the standard formulation of signalling system interconnectivity.

On September 26, 2019, TCT successfully developed the FAO system of interconnectivity and applied it to Beijing Daxing International Airport Express for the first time. The design speed of the train reaches 160km/h, which makes the line become the fastest urban rail transit FAO line in the world. Compared with the international counterparts, the line also realizes the transformation of FAO system from “following” to “leading” and lays a solid foundation for the integration of four networks in China such as municipal area, metro, high-speed railway, and inter-city railway.

At present, TCT is committed to empowering rail transit with 5G+AICDE (AI, IOT, cloud platform, big data, and edge computing) based on the rapid development of rail transit system, constantly carries out intergenerational iteration, realizes “new-generation rail transit system” for passengers and operation and provides solutions for the efficient, safe, sustainable and high-quality development of regional networking rail transit system.

In the future, science and technology innovation board enterprises represented by TCT will build new resilience of China’s economic development and stimulate new economic potential with the power of capital.