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China’s focus on entrepreneurship obtains global recognition

Updated: Mar 3,2017 9:35 PM     english.gov.cn

Five years ago, the Wall Street Journal published an article discussing the reluctance of young Chinese people to start new businesses.

Today, it is quite a different picture. Due to policy support, many young Chinese people are seeking new opportunities at startups instead of securing a stable job, said the US newspaper.

Since Premier Li Keqiang introduced the initiative of mass entrepreneurship and innovation, more international media outlets and institutions are turning their eyes on this new trend in China.

According to the report from the London Business School and Babson College, China’s total early-stage entrepreneurial activity index is nearly 13 percent, higher than developed economies such as US, Germany, UK and Japan.

In 2016, the venture capital in China increased by 19 percent, reaching a record high of $31 billion, accounting for a fourth of the world’s total, reported KPMG.

Reuters reported that China is exploring a new path in breeding innovation.

Along with China’s promotion of mass entrepreneurship and innovation, a new economy driven by technology, internet and 415 million millennials is thriving, said the head of global emerging markets for JPMorgan Chase.

According to the Wall Street Journal, China is taking the lead in new technology, industries and modes, demonstrating vibrant economic growth.

Chinese leaders have pushed for mass entrepreneurship and innovation and developed it into the new engine for economic development and a way to promote social equality and justice, said Matin Jacques, senior researcher at Cambridge University.

The annual global entrepreneurship report in 2016 said China ranked third in governmental policy and support for entrepreneurship, and is the second largest market for startups, says PwC.

“As China lowered the threshold for startups, an increasing number of fresh enterprises and products appeared, bringing a new business era,” said British newspaper Financial Times.

The spirit of “mass innovation and entrepreneurship”, vigorously promoted by the Chinese government, has given an impetus to employment in China.

Chinese startups have created numerous job opportunities, which stabilized employment prospects, especially for those being laid off from the overcapacity reduction, Associated Press reported.

Mass entrepreneurship and innovation also provides fairer opportunities and more promotion channels for young people.

According to US magazine Forbes, young people are more motivated to start their own business which offers them valuable experiences to improve their overall ability and create more opportunities in the future.

Financial Times said that Chinese enterprises have transformed themselves through a bottom-up innovation reform, which has also turned into a significant driving force for the Chinese economy.

According to the 2016 Global Innovation Index (GII) report released by Cornell University, European Institute of Business Administration and World Intellectual Property Organization (WIPO), China ranked among the top 25 most innovative economies, being the first middle-income countries to enter this field.

On the global economic scale, mass entrepreneurship and innovation provides new opportunities for win-win cooperation. International Technology Transfer Network said the initiative has boosted mutual development among China and the world.

China’s ongoing mass entrepreneurship and innovation will present unlimited cooperation opportunities to the world, said Peter Diamandis, the founder of Singularity University.

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