Global economy needs more Chinese entrepreneurs

China is expected to step up its efforts in upcoming years to inject positive energy into global economic integration following the 19th National Congress of the CPC last month, said analysts at an economic forum on Tuesday in Beijing.

The congress elected the new CPC Central Committee and mapped out a new blueprint for the nation's development in the coming decades.

To further intensify global economic cooperation, Chinese entrepreneurs need to contribute their wisdom and exercise their vision amid a global economic downturn, Xiang Bing, the founding dean of the Cheung Kong Graduate School of Business (CKGSB) and professor of China business and globalization at CKGSB, said at the CKGSB's 4th China Economic Symposium.

The Beijing-headquartered business school that Xiang established 15 years ago with the support of the Li Ka Shing Foundation is the country's first privately-owned business school to foster start-ups and entrepreneurs.

"Chinese entrepreneurs need to play an active role in addressing global economic issues if they want to be widely recognized," Xiang said. He added that the nation is expected to shoulder a large share of the responsibility of reviving the sluggish global economy, as more and more rising entrepreneurs who might be equal in achievement to British economists Adam Smith and David Hume have sprung.

China has encouraged one-stop financing and investment services for medium and small-sized enterprises (SMEs) to expand their funding channels, and enhance credit support for enterprises in technology and science, according to a guideline issued by China's cabinet, the State Council.

Despite these efforts, Tom Orlik, chief Asia economist for Bloomberg, said he hoped the country could provide as many privileges as State-owned enterprises have enjoyed to SMEs.

In addition, Xiang said China is in urgent need of the spirit of Japan's ingenuity and the US' innovation. Using a 260-year-old Japanese restaurant as an example, Xiang said the time-honored brand is always improving its service and cuisine. It is the same case for Chinese enterprises that need to specifically focus on fostering creativity around their core competence.

In today's global economy, what counts now more than even in building and sustaining a successful enterprise is how well its innovation system can be created, said Gan Jie, a professor of finance at CKGSB.

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