More efforts are needed from authorities to encourage industry-leading companies to establish industrial technology research institutes for more technological innovations, said Yao Lijun, a member of the 14th National Committee of the Chinese People's Political Consultative Conference, during the ongoing two sessions.

"Different from others, the research institutes should focus on a certain industry to really meet the needs of customers, so that market benefits can be quickly generated," said Yao, who is also chairman of Konfoong Materials International Co Ltd, a integrated circuit manufacturer from Ningbo, Zhejiang province.

Yao emphasized that graduate students are encouraged to carry out research and development work at the frontlines of businesses, especially product quality control, so that they can truly develop technologies and products that meet market demands.

"With such efforts, more little giant companies will arise from various fields," he said. Little giant companies refer to smaller businesses that specialize in niche industries with cutting-edge technologies and great growth potential.

"Over the past years, the company has vigorously nurtured top talents from home and abroad and has formed a talent team that has strong technical strength, a reasonable discipline structure, and can better serve the national strategy," he said.

He added that the company is confident of topping the world in this field within five years and can help China to better take part in the new round of global technological competition.