Private business drives most of city's economy

Medium-scale companies form backbone of innovation

Business sensitivity, market foresight and a sense of crisis in the blood of Wuxi businessmen have made the pursuit of innovation a central task for them throughout history, said a local expert, and the slowdown of the Chinese economy requires them to re-awaken those traditional business genes as rapidly as possible.

"The macroeconomic situation in Wuxi is bad," said Shan Kangqi, vice-chairman of the Wuxi Federation of Industry and Commerce, starting his interview in an unusually candid way.