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Foreign comments on China’s mass entrepreneurship and innovation

Updated: Dec 28,2016 3:41 PM

In the last two years, China has made a huge effort to promote mass entrepreneurship and innovation in a bid to boost the world’s second-largest economy’s capabilities.

The move has been effective since the implementation of mass entrepreneurship and innovation strategy and drew attention from foreign media and institutions.

Mass entrepreneurship and innovation injects energy into developing China’s economy

As the traditional driving forces wither, innovation must be the engine to propel nearly half of China’s economic growth, if the nation is to achieve annual growth of between 5.5-6.5 percent in the next decade, according to a report by the McKinsey global institute.

As traditional production factors of labor forces and capital contribute to economic growth slow down, innovation will be a decisive factor in propping up China’s economic growth, according to the Wall Street Journal.

Mass entrepreneurship and innovation is the new engine to boost Chinese economy

Due to the Chinese government’s “Internet Plus” and mass entrepreneurship and innovation strategies, high-tech industries will be the new engines to boost China’s economic development, according to the Wall Street Journal.

Despite the downturn in China’s economic growth, Chinese innovation enterprises have continued development in high-tech sectors, which will transform China’s low-end manufacturing industries into high-tech-oriented ones.

Momentum behind innovation enterprises

Although economic growth is on the slide, China’s economy is still on a fast track as China becomes a factory for innovation. With government support, enterprises are making their best efforts to realize the leaping economic development through digitalization and application of internet technology to industries, according to Martin Haas, the board member of Staufen, a German consulting company.

A Chinese newspaper also reported that Reuters had noted China’s focus on mass entrepreneurship and innovation and cited innovation practices in Tianjin Economic-Technological Development Area creating new routes to economic transformation.

Environment helps new ideas become commercial products

The 2015 Amway Global Entrepreneurship Report, jointly published by Amway and Technical University of Munich, indicated that China’s entrepreneurship-friendly environment is improving and Chinese entrepreneurial spirit is higher than other places in Asia and the whole world.

China is creating opportunities for innovation companies, which can help them transfer their new ideas into commercial products with lower costs. China’s innovation mode will become a global standard, according to the Project Syndicate.

China’s business environment adapting to new ways

Technology companies that were once ridiculed as “technology copiers” are now receiving applause due to their continuing efforts in innovation.

With the transformation of China’s business environment, internet technology companies such as Alibaba, Tencent, and Baidu are changing the map of China’s commercial technologies. Trans-national companies such as IBM and Qualcomm are also adopting practical and win-win cooperation models in China, according to the Wall Street Journal.