Carrying Forward the Entrepreneurial Spirit: China’s New Press Conference

Entrepreneurship in China is experiencing a new dawn with innovation, sustainability, and economics at its forefront. On July 15th, the State Council of China, the ruling body of the Chinese Communist Party (CCP), organized a press conference

 that echoed China’s movement toward a new model of entrepreneurs. Well-known entrepreneurs from the private sector shared their entrepreneurial approaches and experiences as the “excellent builders of socialism with Chinese characteristics.”

With a banner echoing “carry forward the entrepreneurial spirit,” the entrepreneurs shared their valuable insights on innovation, social responsibility, and other areas, ending with their gratitude toward the state for such exposure to entrepreneurial activities.  They remarked phrases like “great potential”, “broad prospects”, and “just the right time,” closely associated with the political discourse of the Xi era. These Xi-influenced phrases have been used vehemently since the reign of President Xi Jinping.

Xi used all three phrases to describe the future of private enterprise in China. As the five entrepreneurs at the conference used these phrases in their discourse, it reminded the audience that the event is not organized to merely celebrate business successes but also to show their political accuracy.  The five entrepreneurs consistently used this rhetoric, each speaking about service, duty, and gratitude as an obligation under CCP leadership.

The chosen entrepreneurs and their narratives revealed much more than reassuring a circumspect private sector. The event highlighted the attributes of entrepreneurship that Beijing has organized today to value ingenuity in service to the nation, commercial success maintained within the boundary of the political backdrop, and ambition softened by discipline.

Inclusion of Unitree Robotics and Galactic Energy

The press event included entrepreneurs from Unitree Robotics and Galactic Energy, a robotics and aerospace company, respectively. These two sectors were identified in the CCP’s Made in China 2025 plan. Their presence at the event indicates that the CCP still considers these sectors not only as a mechanism of innovation but also as the pillars of the nation’s economic strength. Unitree Robotics holds more than 60% of the global robotics market. It perfectly aligns with the CCP’s narrative- “Innovation anchored in China is not only capable of catching up but surpassing foreign competitors.”

On the other hand, Galactic Energy, a private space launch company co-founded by Liu Baiqi, was propelled by the Chinese government’s “mass entrepreneurship and innovation” campaign in 2018. Its business model perfectly aligns with China’s growing need to launch satellites in bulk, a patriotic partner in achieving the country’s space ambitions.

Other Firms Prioritizing Beijing’s Present Policy

Erdos Group

China’s largest cashmere producer was established in 1979, during the early era of reform. Over time, it rapidly expanded and thwarted foreign takeovers during the cashmere war, emerging as a symbol of securing supply chain independence. Today, the company has adopted sustainability as a core principle, aligned with national goals of greener and high-quality development.

Jointown

Another firm, Jointown Pharmaceutical Group’s market position aligns with official campaigns like “rural revitalization.” In a broader scope, it addresses the CCP’s long-standing concerns of inequality. It has expanded its operations to rural areas to improve health care access in underserved regions.

Shandong Weiqiao Group

Inclusion of this company in the event is another example of the transition to a greener industry. Shandong, which started as a textile manufacturer, has now included aluminium as a key business and shifted this polluting industry to the land of hydropower, Yunnan. 

Although “common prosperity” has largely disappeared from official headlines, a focus on social equity, redistribution, and public service provision continues to be a dominant force in the state’s evolving approach to economic development.

Why the Need for Organizing Such a Media Event?

Beijing’s orchestration of such an event reflects the current moment in which it is. After years of regulatory cracks, shifting policy trends, and inconsistent enforcement at the local level, the confidence level of private entrepreneurs diminished. Looking at China’s economic scenario, we can observe slowed economic growth, rising unemployment, and the state’s inability to create innovation, dynamism, and employment that the country needs to fulfill its ambitions.

In China, if you grow too large, innovate in an unsettling manner, and become too rich, you can come under speculation. For instance, in 2020, when Alibaba’s founder Jack Ma publicly criticized China’s financial regulatory system for suppressing innovation, the regulators abruptly halted the IPO of Ant Group, the fintech affiliate of Alibaba.

The five entrepreneurial models showcased in July were a light of hope for many entrepreneurs. Entrepreneurs who hardly come under the spotlight were most affected by the antitrust campaigns against the technology sector, the COVID-driven lockdown, and the devastation of the private education industry. This event was a reminder to entrepreneurs without strong political backing that entrepreneurship can still flourish under state endorsement, and it depends on the shifting economic priorities of the CCP.

This press briefing today was organized to address some significant concerns related to entrepreneurial growth in China. The rigid political landscape of China reflects the willingness of government officials to accept risk in the private sector, but their unwillingness to abandon control. In the month of April, China passed its first comprehensive law to promote the private sector with the aim of reviving the confidence of entrepreneurs. The Chinese legislation also faces issues concerning “cross-jurisdiction prosecution of entrepreneurs,” known as ‘long-arm fishing.’ According to a report, more than 10,000 entrepreneurs in Guangzhou city have been arrested since 2023. 

Foreign firms operating in the country encounter extreme pressure to choose sides and risk of facing Chinese competitors. Although the conference was enchanting for all its stagecraft, it cannot be a substitute for the institutional reform and legal clarity that entrepreneurs long for. If Beijing wants to unleash the potential of its private sector, it must conduct such orchestrated events more frequently.

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