Author Description

The impact of entrepreneurship on China's rise to become the world's second largest economy after the country started to reform and open itself up to the world over four decades ago is well documented. However, a lot has changed over recent years. Firstly, the first generation of Chinese entrepreneurs has gradually retired. Newer generations of entrepreneurs growing up in the reform era and with weaker imprints of the legacy system of a planned economy have stood up to carry forward the beacon of entrepreneurship. Secondly, many entrepreneurial ventures with humble origins are now established organizations, some of which have grown to become national champions. Such success comes with the challenges of managing complacency, complexity, and sustained competitive advantage. Thirdly, state-owned enterprises, once dubbed 'the dying dinosaurs', have recently made a strong come back in many sectors together with the government's use of a stronger visible hand in managing the economy. The narrative of 'the state enterprises are advancing whilst the private sector is receding' reflects the uncertainty of the policy regime and business environment in the country. And finally, China has been a clear beneficiary of globalization and has performed strongly among low-income countries in terms of catching up with advanced economies. However, the tide of globalization has recently turned, and sustainable development goals have taken the central stage. In China, a rapidly ageing population and a resource-hungry, export-led growth model has gradually run its course amid the country's effort to avoid the middle-income trap. Once again, China is looking to the ingenuity of its entrepreneurs to find solutions. In response to all the above-mentioned changes, Chinese entrepreneurs stand the test of time. They have continuously found new ways in seeking both opportunity and advantage. They have contributed to the global economy with ideas of business model innovation