Innovation capability of Chinese companies an investment highlight: Temasek

BEIJING, July 14 (Xinhua) -- Chinese enterprises' innovation capability is a major investment bright spot in the Chinese economy, a Temasek company official said in Beijing recently.

Wu Yibing, the head of China for Singapore's state investment company, said that the company has continued to invest in China over the past year.

According to Temasek's latest annual review, China accounted for 19 percent of its global portfolio as of the end of March this year.

"Simply put, our investment direction is the comparative advantage of the Chinese economy," Wu said. "Today, the comparative advantage has developed to be represented by innovative research and development."

With world-class manufacturing efficiency and intellectual property advantages in a variety of new industries, Chinese enterprises have increasingly moved upstream in the industrial value chain, Wu said, adding that this comparative advantage is still emerging.

For instance, Wu said that China is at the forefront of energy transformation, not only in terms of lithium batteries, photovoltaic batteries and electric vehicles, but also in downstream power grid and environmental protection industries.