Technicians at SiEngine Technology test a chip. [Photo/whkfq.gov.cn]

SiEngine Technology Co in the Wuhan Economic & Technological Development Zone (WEDZ) made headlines with its independent development of a cutting-edge 7-nanometer advanced intelligent driving chip earlier this year.

The achievement underscores the pivotal role that private enterprises like SiEngine Technology play in the zone's high-quality development.

In recent years, private enterprises have emerged as the main driving force behind WEDZ's growth. They constitute over 70 percent of industrial enterprises above designated size, 84 percent of high-tech enterprises, and approximately 78 percent of "Little Giant" enterprises.

The zone allocates 3 billion yuan ($411.45 million) annually to innovation, encouraging private companies to engage with high-level innovation platforms. WEDZ offers financial support of up to 45 million yuan for projects addressing critical "bottleneck" technologies that receive national or provincial recognition, incentivizing groundbreaking advancements.

To further assist private enterprises, WEDZ has instituted a Friday reception day for entrepreneurs. Ninety-three district leaders and department heads are tasked with liaising with over 300 chambers of commerce and key private enterprises, resolving more than 100 business development challenges.

Moreover, the zone has established 27 technology incubators and 22 pilot platforms, offering R&D and pilot services for over 50 projects. These initiatives support the healthy development of 1,445 high-tech private enterprises.