In the history of Chinese entrepreneurship, people generally regard 1992 as the base year. Although some well-known companies were already established, the wave of entrepreneurship brought by ‘Deng Xiaoping’s south tour’ in 1992 and the subsequent establishment of the Socialist Market Economy are the real driving force for the first generation of startups and entrepreneurs to spring up like mushrooms.
Typical profiles of the first generation of entrepreneurs, also known as the ‘Sect of 1992’, are the trendsetters and grassroots heroes who break through the shackles of China’s business environment for the first time. They were not restricted by their origins and founded their businesses with courage. In the historical process of China’s economy returning to the world center, they have participated in global competition and have enjoyed the benefits of globalization.
The second generation of entrepreneurs emerged with the development of Internet technology and China’s reentry into WTO in the 2000s. They were of more diversified backgrounds, and many accepted higher education overseas. The businesses they started lay mainly in two sectors: one was foreign trade on the basis of China’s immense low-cost labor force, and the other was ‘transferring’ the business model of overseas countries, especially the emerging Internet giants in the United States, to China. The second generation of entrepreneurs began to employ a global perspective, but generally, they still chose China as their main stage.
After 2010, as the mobile Internet era approaching, China narrowed its distance from the United States. In application and other fields, the engineer dividend, the Unified National Market dividend and the increasing population size dividend became the drivers of the times. Based on domestic growth, some startups successfully started overseas businesses and gradually won global recognition. They could be called the 2.5 generation entrepreneurs in China.
The third generation of global entrepreneurs appeared in batches after 2018. Many factors led to such a wave: after 2013, many talents with international education background returned to China. The wave of returnees and the further development of mobile Internet promised a sufficient supply of talent. By 2018, the comprehensive ability of Chinese entrepreneurs had become very competitive globally. While transforming from relying on the population size dividend to relying on the talent dividend, China’s industrial chain and supply chain had also been greatly improved and had become more competitive globally. In addition, as China’s economy moved from high-speed growth to normal-speed growth, high-quality development had become a keyword, which forced firms to seek overseas market opportunities actively.
‘Born global’ characterizes the third generation of global entrepreneurs. They are facing the favorable environment and mechanisms such as improving global new infrastructure and RCEP, as well as the obstacles of anti-globalization appeals. Nevertheless, the third generation of international entrepreneurs is becoming essential market players, promoting the development of the new stage of globalization.
The new stage of globalization is not meant to tear down and rebuild the old one. It means that all nations should not only learn from and stick to the successful experience of globalization in the past but also make necessary adjustments based on the new trend of the new era to better adapt to the international political economy. The new type of globalization should benefit more countries, companies and people based on sustainable development and provide innovative ideas and proposals for long-term development.
Peace and development remain the two essential themes of the times. The power of commerce has shaped and changed the world since the existence of humanity. With the help of new infrastructure, the mission of the new generation of entrepreneurs is to make the world a better place with the power of commerce. The unbalanced distribution of new infrastructure and digital resources is the main problem facing many countries. However, we believe that the employment of advanced technologies or applications such as mobile payment, mobile social media, artificial intelligence, new energy and new infrastructure can benefit more countries and people.
The new generation of global entrepreneurs has a care for the world and for humanity. At a time when the destiny of humankind is increasingly interlinked, the new generation of international entrepreneurs need to establish a global culture and organization, gather global talents and other resources, respect and embrace diversity, take social responsibilities, and devote sincerely into local communities.
In recent years, a new generation of entrepreneurs from China has sprung up in large numbers. They have not only appeared in developed countries like Europe and America but also in Southeast Asia, India, the Middle East, Africa, Latin America and other emerging markets. In the new stage of China’s opening up, these entrepreneurs are using businesses to narrow the distance between China and the world and to facilitate their communication.
China is deepening the ‘reform and opening up’ , and the new generation of global entrepreneurs will play increasingly important roles and attract global attentions step by step. At the same time, China as a huge marketplace with sufficient industry capabilities is also drawing international entrepreneurs and innovators.
In this context, EqualOcean Summit for Globalization 2022 (ESG 2022) will be held by EqualOcean Global Think Tank in Shanghai on November 8—the same time as the fifth China International Import Expo. The summit will invite representatives of the third-generation entrepreneurs, investors and service companies. Guests from academia, diplomats and representatives from international organizations will also be gathering around to discuss the new globalization era’s opportunities.
A Quick Look into ESG 2022
Name: EqualOcean Summit for Globalization 2022 (ESG 2022)
Theme: New Era of Globalization and Entrepreneurship
Host: EqualOcean Globalization Center
Date: November 8, 2022
Address: Renaissance Shanghai Zhongshan Park Hotel
The following is the preliminary ESG 2022 agenda:
The Release of Globalization Report of China’s Brands 2022
The Opening Ceremony of Global Alliance of China’s Brands
The Interpretation of China’s Global Strategy
The Panel for Foreign Diplomats in China
The Panel for Global Investment
The Panel for Global Leading Brands
Entrepreneurial Experience Sharing: In Southeast Asia, the Middle East, Africa and Latin America
The Panel for Global Talent
The Panel for Global Youth
The Announcement of EqualOcean Globalization Awards 2022
2022 EqualOcean 全球化榜单公布
All parties who advocate new globalization and the third-generation entrepreneurs are welcomed to scan the QR code below to get in direct contact with EqualOcean and join in hands to build a bright future.