Chinese Entrepreneurs Behind One Of The Country 's Most Successful Start Ups
As China slowly started to open up its economy in the 1980s, its attitude towards business began to change. In 1997, government officials turned their attention to promoting large, mostly state-owned firms. The slogan “Grasp the big and let the small go” helped Chinese firms enter the global stage with a bang.
But more recently, the economic challenges have made the government consider its strategy and leaders in the region have begun focusing on the virtues of the small. In 2013, President Xi Jinping made a speech to encourage entrepreneurship among the Chinese youth.
The talks have intensified in the past two years. The officials have talked about creating a “new wave of start-ups from the masses and grassroots”, with focus turning towards enabling a more entrepreneurial environment. The government, along with local officials, has introduced new tax incentives, provided more investment and established stipends for students running start-ups.
For China, fostering start-ups makes economic sense. The country is faced with increasing number of graduates looking for work – keeping the unemployment figures in check is essential to keep…