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China sees rising passion for entrepreneurship amid downward economic pressure

Updated: Dec 05,2019 09:45 AM    People's Daily Online

Chinese startup companies are growing, despite global downward economic pressure.

According to statistics, nearly 20,000 companies have been registered in the country every day since the beginning of this year. These promising businesses have created a powerful force of entrepreneurship and innovation, injecting strong impetus into China’s economic development.

Galaxy Space, a commercial aerospace company established in April 2018, is developing on a fast track. “We will probably have a big move before the end of the year – to launch China’s first commercial broadband low-Earth-orbit satellite,” said Liu Chang, vice president of the company.

He introduced that as a young startup, the company now has 140 employees under the management of experienced and professional teams. Galaxy Space recruited top talents in China, and enjoys advanced technological reserves.

“The average occupancy of the hotels that cooperate with us improved from 60 percent to around 70-75 percent, and the single-room revenue increased by 20 percent,” said Xia Qingning, head of an innovative hotel management company established in February this year.

The company offers hotels with smart solutions that can improve their competitiveness. In just eight months, the company has cooperated with 1,300 hotels in 200 cities, intending to raise the number to 20,000 in five years.

“Innovation is what drives this new round of entrepreneurship,” said Lyu Wei, a researcher with the Development Research Center of the State Council. She explained that many startups are not merely copying others, but have found niche markets and made bold innovations in technologies, products and business models.

Lyu believes that these emerging enterprises have not only injected strong impetus into China’s economy, but will also promote the country’s economic transformation and stable development by enhancing market competition and accelerating structural adjustment.

As several once-promising shared bike companies went bankruptcy and internet companies closed, the negative atmosphere is shadowing the business world. However, most startup companies believe that without capital speculation, the environment for entrepreneurs is now more stable and favorable.

“Market is the best test field, and only when you make the right choice at the right time and keep holding on, can you be the best,” said Xia.

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