China uses national prize to encourage corporate innovation, quality

Two Chinese companies were awarded the Chinese Industry Grand Prize on Wednesday for outstanding achievement over the past year.

The Prize was initiated in 2005 with the approval of the State Council to encourage Chinese companies to innovate, develop world-level brand names and improve their global competitiveness.

This year's winners were Daqing Oilfield Engineering Co., Ltd and China Aerospace Science and Technology Corporation.

Daqing is China's largest oil field. It produced more than 43 million tons of crude oil last year, accounting for almost 25 percent of the nation's total. The figure for 2007 is not available yet.

China Aerospace Science and Technology Corporation played a key role in the successful launch of China's first lunar probe. It was responsible for research into the lunar orbiter Chang'e-1 and its carrier, March 3A.

Chinese Vice Premier Zeng Peiyan, who attended the awards ceremony, congratulated the winners and urged them to make greater achievements in the coming year. He called on all industrial enterprises to learn from them so as to achieve better development of the whole sector.

Zeng also said that all enterprises needed to upgrade their industrial structure, enhance innovation capabilities, pursue sustainable development and deepen corporate reforms to make the industrial sector more powerful.

Another 12 companies received honorable mentions.