Themed “new era, new economy and new future,” the 2018 Global Unicorn Enterprise Forum kicked off in southwestern China’s Chengdu on May 19 and reached out to the parallel session in the US’s Silicon Valley via video broadcast, People’s Daily Online reported on Saturday.

Representatives from government sectors, authorities and nearly one hundred unicorn enterprises from both China and overseas attended the event.

China’s unicorns have grown quickly in recent years and have now exceeded the US in terms of size, quoting a blue book issued at the Forum.

Beijing, Shanghai, Hangzhou and Shenzhen take the lead in developing unicorns while other cities such as Chengdu, Wuhan, Xi’an and Nanjing are catching up through enhanced policy support.

With technological innovation and strong commercial acumen, the unicorn enterprises look promising in terms of developing core technologies and digital economy, said Ma Li, President of China Internet Development Foundation, at the forum.

The unicorns, as a sign of new economy, cannot grow without a sound environment for innovation and entrepreneurship, Tang Weihong, Vice President of People’s Daily Online, said while addressing the Forum.

Tang noted that People's Daily Online has concentrated on ways to help unicorns grow and boost healthy development. The cooperation with Chengdu government will explore technological innovation and economic development through Internet governance and big data.

Combining technologies, the Internet and capitals, unicorns have become a mark of new economy and a significant engine that can promote economic development to grow at an immediate-to-high speed and to a high level, said Zhu Zhihong, Deputy Secretary of CPC Chengdu Municipal Committee.

Chengdu is committed to aiding a number of unicorns and making them a pivot in future urban strategy, said the Party Secretary.

The Forum was co-hosted by People's Daily Online and the Chengdu municipal government with guidance from China Internet Development Foundation and Asset Management Association of China.

A parallel session was also held in Silicon Valley via video link. Business representatives from China and the US discussed technological revolution and innovative models, and opened a window for communication.

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