China's state-owned enterprises need to serve rising demand for quality products and services as well as grasp opportunities under the Belt and Road initiative to innovate for future growth, experts said at a forum yesterday.
Zhang Yansheng, chief researcher with the National Development and Reform Commission, said the companies need to be more innovation-driven because of changing needs of consumers who "are getting richer and willing to spend. They need good products, services and innovation."
The companies will survive only if they can adapt to the changing demand of consumers and embrace innovation, Zhang said at the Shanghai State-owned Capital Forum yesterday.
Another way for Chinese SOEs to upgrade is for them to invest and tap opportunities in the more than 60 countries and regions along the Belt and Road routes to service a total population of 4.4 billion.
