Entrepreneurship Thriving in China
Although China is a controlled economy with the public sector accounting for upward of 40% of the country’s GDP, entrepreneurship is thriving as innovative individuals overcome the red-tape obstacles to create personal wealth. In a report by the World Bank in 2010 it was noted that of the 183 countries analyzed for being the most difficult to form a business in, China was ranked at number 151, with the United States ranking at number 8. However, according to sociologist Keming Yang, author of Entrepreneurship in China, entrepreneurs in China are generally driven by a desire to be materially prosperous and are prone to compare their standard of life with those around them, striving to lead “an enviable material life”.
At the 7th Demo China 2012 held in Zhejiang, Hangzhou, business founders had the opportunity to network with overseas investors to promote foreign investment in Chinese start-up businesses. Demo China is organized by the International Data Group from the United States to provided and business-to-business platform for entrepreneurs to present their businesses and exchange information and ideas on entrepreneurship in China. The event takes place in a number of major cities in China, including Beijing, Hangzhou, Suzhou, Shenzhen, Chengdu, Shanghai and Xian.
In a program run by Ernst & Young – one of the largest accounting and professional service firms in the world – the Entrepreneur of the Year 2012 China winners were recently announced. The theme for the 2012 Ernst & Young Entrepreneur of the Year China was “Driving Growth For Collaborative Success” and the country award for the Mainland China Region was presented to Ma Weihua, Executive Director, CEO and Bank President of China Merchants Bank Co., Ltd, with the country award for the Hong Kong/Macau Region going to Michael Wu, Chairman and Managing director of Hong Kong Maxim’s Group.
The winners in the Media & Entertainment category were Charles Chao, Chairman of the Board, CEO and President of SINA; Liu Jiang, President of Trends Media Group; Wang Changtian, Chairman of Beijing Enlight Media Co., Ltd.. The Life Sciences category award went to Che Fengsheng, Chairman of the Board and CEO of Sihuan Pharmaceutical Holdings Group Ltd., with three recipients in the Consumer Products category – Chen Ying Chieh, Chairman and CEO of Daphne International Holdings Ltd.; Johnny Cheng, Chairman of Veeko International Holdings Limited; and Annie Yau Tse, Chairman and CEO of Tse Sui Luen Jewellery (International) Ltd. The Emerging Entrepreneur award went to Arthur Chow, Co-founder and Chief Operating Officer of 6waves, with the three recipients for the Industrial Products Award being Han Xianbao, Chairman and President of Weihau Group Co., Ltd.; Wang Xuning, Chairman and President of Joyoung Company Ltd.; and Zhang Tianren, Chairman of Tianneng Power International Ltd.