Chongqing - On June 13, Dr. Huang Dongbin, Distinguished Professor at Chongqing University of Posts and Telecommunications (CQUPT), highlighted the opportunities and challenges young entrepreneurs face in emerging economies during an exclusive interview with Bridging News for the upcoming "Entrepreneurship and Innovation for Youth" Asia Youth Dialogue event.
He shared that global economic growth is at 2.9%, with developed economies at 1.5% and emerging economies at 4.0%, while China achieved a 5.2% growth last year.
He attributed this solid performance to advancements in new energy, artificial intelligence, and high-tech manufacturing and services. These sectors create more resources and jobs, boosting production, sales, and trade.
Tech Xlore shows that China's new energy vehicle (NEV) and lithium-ion battery sectors have grown significantly. In 2023, NEV production rose by 36% to over 9.6 million units, and the lithium-ion battery sector grew by 25%, creating numerous jobs. The clean energy sector is expected to generate nearly 14 million jobs globally by 2030, with China playing a major role.
Additionally, AI applications in manufacturing, especially in engineering and design, boost efficiency and create high-tech jobs. According to a PwC report, increased AI spending by major manufacturing firms is leading to new product development and optimized factory operations.
Dr. Huang Dongbin, Distinguished Professor of the School of Economics and Management at CQUPT. (Photo/Huang Dongbin)
Furthermore, Dr. Huang highlighted China's significant progress in education and innovation, saying their importance for high-quality economic development. Young entrepreneurs can leverage China's robust educational system and innovation ecosystem to build competitive businesses.
For example, Chongqing's Liangjiang Collaborative Innovation Zone, housing over 50 universities and research institutes, supports industrial collaboration, startup incubation, and high-level talent attraction. It has facilitated numerous industry-research partnerships and incubated several high-tech startups, providing a robust platform for entrepreneurial growth.
He also advised young entrepreneurs to focus on creating marketable and scalable value when planning a startup. He suggested two main strategies: developing a Competitive Edge by outperforming existing suppliers and leveraging accessible resources through Resource Utilization to create value.
Dr. Huang urged young entrepreneurs to embrace innovation, proactivity, and risk-taking. He thinks that success requires more than effort and diligence. Entrepreneurs need to equip themselves with the necessary knowledge, skills, and social capital to overcome challenges and seize opportunities.
The risk of failure is a major challenge, with about 70% of private companies failing within five years, and this rate is likely higher for young startups. Dr. Huang emphasized resilience—the ability to recover and restart after setbacks. Entrepreneurs should take calculated risks, seek support from family, partners, and society, and maintain a stable support system.
Policy reforms are crucial to ensure equal employment opportunities. He believes practical policies are needed to support young entrepreneurs and promote vibrant entrepreneurial activities.
For example, Chongqing has simplified the company registration process with online services and streamlined procedures for obtaining business licenses. The city also offers co-working spaces and shared office resources in prime locations. Initiatives like the Liangjiang Collaborative Innovation Zone provide affordable office spaces with essential amenities, fostering a supportive ecosystem for entrepreneurial activities.
He emphasized the government's role in enabling startups and facilitating global entrepreneurial endeavors. Specifically, he reformed company registration and visa issuance regulations to attract more international startups, fostering a diverse and dynamic entrepreneurial ecosystem.
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