BEIJING (XINHUA) – A smart coal mining project in northwest China set a global record for autonomous driving this year, with the world’s largest mixed fleet of 56 driverless and over 800 manned trucks operating safely since June.
These driverless trucks at the Heishan mine, 70 kilometres (km) south of Urumqi in Xinjiang Uygur Autonomous Region, can easily match the skill of experienced human drivers and are even capable of identifying obstacles as small as 10 centimetres (cm) from up to 40 metres (m) away.
The technology behind these cutting-edge vehicles is provided by CiDi Inc, a unicorn company specialising in commercial vehicle autonomous driving. Founded in 2017, it has applied for over 530 technical patents and participated in the formulation of over 50 industry standards.
“Innovation is deeply embedded in our entrepreneurial philosophy,” said CiDi’s co-founder Ma Wei, noting that the company’s commitment to technological advancement is fundamental to its growth.
More than 75 per cent of the company’s 500-strong staff are engaged in research and development (R&D), and its R&D investment accounts for over 40 per cent of the operating costs.
With a threefold revenue increase in the first half of this year, CiDi has arguably crossed the “valley of death” in the highly competitive and challenging field of autonomous driving, emerging as one of the industry’s top players.
CiDi’s success is not an isolated case in China. Amid a challenging economic environment this year, many private companies have intensified their focus on innovation, overcoming headwinds to strengthen their core competitiveness and secure new growth opportunities.
Chinese companies are currently facing challenges both at home and abroad. The sluggish global economy, coupled with rising trade protectionism, has dampened prospects in international markets while domestically, insufficient demand and the ongoing economic shift toward new growth drivers have also caused challenges.
President of the Shanghai University of Finance and Economics Liu Yuanchun believes that the challenges posed by economic cycles and structural adjustments can also present growth opportunities and generate potential energy to drive economic development.
Industry analysis shows that although the steel industry faces short-term pressure, there is strong demand for high-value-added steel products, particularly in sectors like electric vehicles. Similarly, while the notebook computer market is nearing saturation, sales of specialised products like gaming laptops and ultra-thin models are picking up pace. Despite the drag of insufficient domestic demand, some industries, such as travel and entertainment e-commerce, still saw notable growth.
To capture the new growth points and opportunities, it is necessary to engage in innovation, meet the ever-changing market demands, and explore broader development space, according to experts.
Li-Gong Industrial Co, an intelligent manufacturing solution provider, achieved rapid development this year as it precisely identified emerging opportunities in a niche market.
President of Li-Gong Li Weichong saw a rapid increase in demand for small-batch, personalised intelligent equipment, as economic pressures have driven small and medium-sized enterprises (SMEs) to accelerate their intelligent transformation in a bid to stay competitive.
In response, Li and his team acted swiftly. “We visit the factory of each customer to assess their digital transformation needs, designing robotic systems and customised software packages tailored to their specific requirements,” Li said, noting that Li-Gong’s digital transformation projects in 2024 have doubled compared with last year.
For Cangzhou Four Stars Glass Co, which is striving to secure a strong position in the fiercely competitive market, its significant investment in assembly line upgrades finally paid off this year.
The company invested nearly CNY300 million (about USD41.74 million) in the past two and a half years to upgrade its factory for digitalised production.
The investment brought financial pressure, but the transformation is aimed at long-term development, said chairman of the glass producer Wang Huanyi, noting that the company reduced overall costs by five per cent and saw a 20 per cent increase in orders this year, a remarkable achievement amid intense market competition.
Despite ongoing economic hardships, the rise of more innovation-driven enterprises is injecting new vitality into the market and creating new momentum for the Chinese economy.
